Analysts at ANZ noted that ahead of this week’s ECB meeting, the debate over what ECB president Draghi can do to weaken the EUR is growing. Key Quotes: "Outside of some verbal discomfort at the EUR’s strength and re-iteration that the ECB stands ready to take further action if necessary, it is difficult to see what he can do. Two of the main influences on ECB policy over the past 18 months seem to be receding as the oil price recovers and China shows increasing evidence that its growth downturn is moderating. It is difficult to therefore see how jawboning the euro can be successful outside of the very short-term and the risks of a further squeeze higher in EUR/USD are significant." For more information, read our latest forex news.