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ECB's Draghi: Spain is on the right track

ECB head Mario Draghi, who visited Madrid on Friday to speak before Spanish lawmakers and hold talks with PM Mariano Rajoy, said at a press conference that the country was heading towards economic recovery.

He stressed the fact that Spaniards have made great efforts to fight the crisis and that substantial progress has been made since November 2011. He said that the Spanish bank rescue program was showing positive results. He also suggested that economic recovery in the Eurozone should begin in the second half of 2013.

As far as the recent appreciation of the euro is concerned, Draghi said that he still needed to evaluate its influence on price stability in the area, but that he considered it a sign of returning financial market confidence. He declared that the ECB's monetary policy would remain accomodative and played down the "currency war" issue, which has been arousing concerns of late.

Mario Draghi's speech at the Spanish parliament was taking place behind closed doors but a green Catalan party Iniciativa per Catalunya-Verds (ICV), opposing the secrecy of the session, filmed it covertly.

Session Recap: Euro back above 1.3400, USD/JPY slumps

The euro bounced from levels dub-1.3400 and reached a high of 1.3465 versus the greenback mainly supported by crosses. However, EUR/USD failed to break above that level and saw a short-lived pullback. Meanwhile the yen has had a wild ride in the wake of G7 statement and subsequent clarifications. USD/JPY slid from the 94.40 area toward the 93.20 zone.
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