FILE PHOTO: Mario Draghi, President of the European Central Bank (ECB) holds a news conference on the outcome of the Governing Council meeting at the ECB headquarters in Frankfurt, Germany April 10, 2019. REUTERS/Kai Pfaffenbach/File Photo

SINTRA, Portugal (Reuters) - Some market-based measures of inflation expectations have lost significance “due to technical conditions”, the European Central Bank’s President Mario Draghi said on Tuesday.

“Some of these market-based inflation expectation indicators have lost some inflation content due to technical conditions that have affected those markets, especially in more recent times,” Draghi told the ECB’s annual policy conference in Sintra, Portugal.

The five-year, five-year forward swap, a closely watched measure of euro zone inflation compensation based on derivative contracts, hit an all-time time low on Monday, although the volume of trades underpinning it has dried up.