First of all, it was evident that ECB policymakers were split on what their next move would be in relation to FX volatility, more than on how fast the euro has risen in fact. However, it was the confidence at which Draghi's hawkish rhetoric was delivered that surprised the most. In reflection, analysts at ING explained that it was hard for President Draghi to talk down the EUR when "its strength is driven by a solid domestic economy" and the soft USD while markets know that sooner or later, there will be a call for higher rates from the ECB.