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Draghi Speech: "Reflationary forces have replaced deflationary forces"

Pablo Piovano FXStreet

At the ECB Forum on Central Banking in Portugal, Draghi said:

"Reflationary forces have replaced deflationary forces".

"Growth seen above trend and well distributed across the euro area".

"Euro area inflation dynamics remain more muted than one would expect".

"Factors that are weighing on inflation path are temporary"

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

AUD/USD keeps range near 0.6950 after Australian trade data

AUD/USD consolidates near a two-month low, trading around mid-0.6900s in the Asian session on Thursday amid a bullish US Dollar. The US PCE data tempered October Fed hike bets, though oil-driven inflation fears remain supportive of elevated US bond yields. Meanwhile, Australia's trade surplus shrank sharply in August to AUD495M, having limited impact on the Aussie Dollar and the pair.

USD/JPY sits at weekly top above 158.00 as bullish USD counters intervention risks

USD/JPY is sitting at the top end of its weekly range above 158.00 in the Asian session on Thursday. Despite the softer US PCE data, oil-driven inflation risks keep US bond yields elevated near multi-year highs. Moreover, the US-Iran standoff benefits the safe-haven US Dollar and supports the pair. Broad US Dollar strength counters hawkish BoJ expectations and Japanese intervention risks.

$4,200: Gold sellers to retain control below that level ahead of ISM PMI

Gold is trying hard to contain the downside, while trading close to $4,150 in Thursday’s Asian trading, having faced rejection above $4,200 on Wednesday. Focus now turns to a fresh batch of US economic data releases and speeches from Federal Reserve policymakers for fresh hints on a possible interest rate hike in October.

Pi Network: Early signs of renewed bullish momentum amid Open Standard partnership

Pi Network (PI) ticks lower on Thursday after two consecutive days of mild recovery, testing the 50-day Exponential Moving Average (EMA) at $0.0917. Pi Core Team announced a partnership with Open Standard on Wednesday to explore the OUSD stablecoin reward programs for Pi Network users, commonly referred to as Pioneers, and its utility across the Pi ecosystem.

The Fed's October hike shrinks with the inflation it was built on

Traders have moved the next Federal Reserve hike from October 28 to December 9, and the inflation report that added to the move said more about July than August. The government's annual rewrite, published alongside the August Personal Consumption Expenditures Price Index, cut July's core reading, which leaves out food and energy, from 3.3% to 3%.

The Euro is near a one-year low: Inflation could trigger its rebound, not its fall

EUR/USD has fallen to its lowest level since May 2025, but a fresh inflation shock in the Eurozone could give the Euro (EUR) an unexpected lifeline. The pair hit 1.1312 on Wednesday and trades well below the January peak of 1.2082.

Draghi Speech: "Reflationary forces have replaced deflationary forces"

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