However, while EURUSD touched yesterday's high at 1.1307, as the central bank upgraded its near-term growth and inflation forecasts, gains had been pared slightly as Draghi stated that some members had discussed rate cuts, QE restart and further extension to rate guidance.
Against the backdrop of this uncertainty, the European Central Bank made a decision to keep its low interest rates unchanged, at least during the first half of next year, but said it stands ready to adopt further monetary stimulus.
Draghi explained that back in March, "we may have hoped for a different evolution" in regards to two of the key risk factors: the trade war and the UK's withdrawal from the EU.
And overnight, the Reserve Bank of India followed Australia's lead, two days before, and cut rates - as expected.
But at its latest meeting it refrained from mentioning any possibility of cutting rates and its cheap loans programme for banks was less generous than expected.
Observers will also pore over the latest quarterly economic forecasts from the European Central Bank staff, who are expected to present a cautious take on how growth, inflation and other indicators will develop in the coming years.
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"With pervasive uncertainty already denting trade, big central banks like the ECB and the U.S. Federal Reserve appear to have given up on plans to tighten policy, and markets are now positioned for easing", Reuters added. "And then of course the uncertainty about Brexit negotiations, the uncertainty of vulnerabilities of certain emerging-market countries, which are important".
The ECB targets an inflation rate of just below 2%, but it has undershot this since 2013. Prices are now seen rising 1.3 per cent this year, 1.4 per cent next year and 1.6 per cent in 2021.
After meeting in Lithuania, the bank left its benchmark main refinancing rate unchanged at zero and its deposit rate at minus 0.4%.
The dollar index against a basket of six major currencies stooped to a two-month low of 96.749 midweek as benchmark USA yields declined sharply this week to 21-month lows on investor risk aversion and heightened prospects of the Federal Reserve cutting interest rates. But Draghi, whose term ends on October 31, is conscious that the ECB's policy arsenal is almost depleted after years of stimulus.
"The appearance of downside risks means the European Central Bank will want to convey to investors that the scope for monetary policy action is not exhausted and they stand ready to support the economy and inflation if conditions weaken".
"With rates already at 0% and no fiscal levers to pull, options are somewhat limited". Its benchmark rates are now at record lows. Shares of German property companies Vonovia and Deutsche Wohnen fell 2.1% and 5.1%, respectively, following reports that Berlin authorities were planning to impose a cap on rents.