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Draghi Speaking In Italian And Market Code Is Too Much

|Includes:CurrencyShares Euro Trust ETF (FXE)

Traders are a bit frustrated with Draghi at the moment because his prepared comments (which were released to news organizations and translated) were tame but he decided to ad lib in Italian when it came to the market-moving portions.

The headlines that crossed were vague at first - they were old news - but his comments on negative rates are more interesting. Here is how Bloomberg translated them:

"The Governing Council has decided for the first time to look openly at the possibility of reducing the interest rate on the deposit facility to less than zero," he said today. "There are many complications. There are many consequences that we must take into account and study closely. The Governing Council has decided to analyze these consequences in order to be ready to act if needed."

On Friday, the Nowotny said the ECB had "no plan in this direction" regarding negative rates. He added that discussions had taken place and that the ECB is "open minded" about it.

For Draghi - who said the ECB was "open minded" about negative rates on Thursday - the difference is that today he says "look openly", "study openly" and "analyze these consequences". That could be interpreted as a slightly-more serious, more definite tone but the ECB still hasn't decided if negative rates are even possible. Given the speed at which they study things like this, I take it as a signal that negative rates are more than one month away, if ever.

Others see it as bold attempt to talk-down the euro.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Stocks: FXE