With the US Dollar on the back foot all week, there was no shortage of key speakers talking up the Eurozone economy. Mario Draghi, President of the ECB, gave a speech to the Frankfurt European Banking Congress in which he noted, “The euro area is in the midst of a solid economic expansion. GDP has risen for 18 straight quarters, with the latest data and surveys pointing to unabated growth momentum in the period ahead. From the ECB’s perspective, we have increasing confidence that the recovery is robust and that this momentum will continue going forward”. Despite his bullishness on the Eurozone economy, Mr Draghi warned that, “from a monetary policy perspective our task is not complete, as we have not yet seen a sustained adjustment in the path of inflation… we are not yet at a point where the recovery of inflation can be self-sustained without our accommodative policy”. It seems the ECB is doing its best not to permit any market expectations of an early rise in interest rates, lest it push the external value of the currency still higher. The economic numbers speak for themselves, however, and after a 4 cent drop since just before the ECB Council meeting on October 26th, the EUR was back in demand this week. It rose from USD1.1660 at the beginning of the week to a high of 1.1845 before finishing at 1.1790, whilst it made fresh highs for the year against both the AUD and NZD.