Draghi’s view of summer to set the mood for markets

Make or break: Any comments or clarifications from Draghi that have the net effect of pulling the timing of the ECB’s first rate hike forward should be a near-term positive for the euro. — Reuters

LONDON: A holiday recovery for the euro may depend on European Central Bank (ECB) President Mario Draghi’s definition of “summer.”

Market uncertainty over when the ECB will lift its deposit rate rests on the translation of the statement wording from its June gathering, which suggested the first hike since 2011 would not come until at least the end of summer next year.