Draghi dodges tapering issue. The European Central Bank did not change any of its key interest rates yesterday while announcing a continuation of quantitative easing (QE). ECB President Mario Draghi passed on an opportunity to talk down the steadily appreciating Euro and to say when QE would finally end. Giving investors the “greenlight” to push the euro higher. The next fork in the EUR/USD road will come on 20 September, when the Open Market Committee of the US Federal Reserve next meets. The Fed’s programme of interest-rate hikes seems to be on hold: the market is not pricing in any increases before 2018. In the meantime, investors will focus on geopolitical developments and economic data from the US.