Markets are cheerful, ignoring reasons not to be cheerful such as a contraction in Japan and poor Chinese trade data. Does this imply more stimulus that markets love so much? A testimony by ECB President Mario Draghi is the big event for today. This testimony could be different: EUR/USD is down on the better market mood (no need for safe havens) and this time, Draghi has the backing of the Bundesbank for action. Will he push the pair even lower? t has already fallen nearly 200 pips from the highs.

Wrap up of the morning show for February 15th 2016:

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