The European Central Bank may have surprised few by leaving interest rates unchanged at its latest meeting, but Saxo Bank's Nick beecroft thought one of Mario Draghi’s comments at the ECB press conference were “strange”.

He explains Draghi used "the large degree of slack as a defense of doing nothing" - meaning that if the bank does nothing, then by definition the interest environment and monetary conditions will become easier in real terms.

Nick believes these were “rather hopeful” comments; perhaps the economy is not recovering as it should because it’s not getting enough stimulus.

After the meeting, the euro rose half a cent above USD 1.38. Nick now thinks it could “easily” push over 1.40.