Research Team at BBH, suggests that the comments by the ECB's Draghi and Praet may have encouraged consolidation in the euro ahead of the weekend. Key Quotes “While acknowledging limits to what monetary policy can achieve, the idea is that the ECB is prepared to do more if necessary. The wire quotes suggest an attempt to soft the claim that policy rates have bottomed. Recall it was that comment by Draghi during his press conference that turned euro (and other markets) around, sending it higher. Add a less aggressive trajectory of the Fed's dot plot and you have the euro testing the February high near $1.1375. To be anything of note, the euro needs to fall back below $1.1235, and ideally $1.1200. The US 2-year premium over Germany has fallen 10 bp this week to 1.32%.” For more information, read our latest forex news.