The market misjudged yesterday's speech from Draghi

David Kotok discusses Fed policy on Bloomberg

David Kotok discusses Fed policy on Bloomberg

ANALYST TAKE: "While Draghi is among the more dovish policy makers at the central bank, there has been persistent speculation that the ECB will announce further reductions in asset purchases later this year and a more positive assessment of the economy from the President may suggest he's willing to back it", said Craig Erlam, senior market analyst at OANDA.

In Asian and early European trade, the euro rose another 0.7 percent, adding to a 1.4 percent daily gain on Tuesday.

"The threat of deflation is gone and reflationary forces are at play", he said.

The rand was stable in the late morning on Wednesday, while global markets see-sawed on United States and European Union central bank comments.

"However, this move shows that the European Central Bank was disappointed with the drop in the euro that resulted". The higher currency hurt stocks as traders fretted over its impact on exports and on the prospect of looser monetary policy in the future.

But if this week's moves mark the end of the line, the 24 percent gain this time will have fallen well short of previous rallies between 1995 and 2002 and 1978 and 1985, when the dollar gained respectively 53 and 34 percent.

Missing Boy's Father Arrested on Suspicion of Murder
Andressian told investigators he had ingested a prescription medication that wasn't his own that morning, deputies said. Investigators have said that Andressian had provided authorities with "inconsistent" and "misleading" statements.

US Federal Reserve Bank chairwoman Janet Yellen seemed to be sending mixed messages in that, while interest rates are set to increase, they will only do so "gradually".

French 10-year bond yields also pulled back from a one-month high at around 0.78 percent, while Spanish and Portuguese bond yields were 3-4 basis points lower on the day.

Carney made his comments at the ECB's forum on central banking in Portugal, where Draghi and Bank of Japan Gov. Haruhiko Kuroda, also appeared.

Meanwhile, the ASX 200 index jumped 0.73 percent to 5,682.50 by 04:30GMT, while at 04:00GMT, the FxWirePro's Hourly AUD Strength Index remained neutral at 23.48 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend).

Royal Philips lost 1.6% after the Dutch health-technology company said it is buying Spectranetics for €1.9bn ($2.15bn). (SPNC) for 1.9 billion euros ($2.15 billion). Europe's technology sector shed 1.2% and Asian tech companies moved lower following declines in their US counterparts, which helped the Dow Jones Industrial Average and the S&P 500 post their biggest daily declines in more than a month.

Economic docket: In France, consumer confidence hit its highest since June 2007 (http://www.marketwatch.com/story/french-consumer-confidence-at-highest-in-10-years-2017-06-28), said statistics agency Insee.

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