Draghi says the ECB had a prolonged discussion about rate cuts, and that we're not at the lower bound

European Central Bank (ECB) president Mario Draghi has said that there was "extensive discussion" about cutting negative rates, whether that be the main rate or one of the others.

50 basis points is not the lower bound.

So there is now growing belief that the ECB will cut interest rates further. Very dovish comments from Draghi.

(Source: Bloomberg)

Together with comments about forward guidance, this is driving the euro much lower.