Draghi Says ECB Rate to Stay Low for ‘Extended Period'

While equities and bond markets will view this as bullish, this is prima facie evidence that the currency war rages on.  Japan's Abe has ensured the destruction of the Yen--sooner than later with their all-in approach to QE.  The Fed will continue to QE--and may in fact, increase QE with weakening economic indicators, despite claims of a recovery.  "Tapering" will be a mirage as any reduction or elimination of QE will collapse the too-big-to-fail banks, despite their recapitalization, because they still haven't recognized their gargantuan derivative losses.

China has responded to Japanese export threats with Yuan injections, further blowing up their credit and housing bubbles.  The UK appointed former Canada central banker John Carney, who is bent on turning on the monetary spigot even faster with his dovish rhetoric.

The last currency standing will be gold, as central banks are implementing an unprecedented Frankensteinian monetary experiment spiraling out of control.

http://www.bloomberg.com/news/2013-07-04/draghi-says-ecb-rate-to-stay-low-for-extended-period-.html