While expectations were for nothing new, it appears positioning was for moar as Draghi’s lack of bazooka-ness has sent European stocks lower as EUR spikes against the USD and German Bund yields soar…
EUR surging…
Bank of America is not happy at this move…
EUR move higher may not last and there is nothing new so far in Draghi’s words that would justify it, BofAML strategist Athanasios Vamvakidis writes in e-mailed comments.
Statement dovish, consistent with recent tone; it shouldn’t have sustained market impact. Emphasis is on open ended policies for as long as it takes.
Bund yields spiking…
As once again they overshot…
We’re gonna need a Draghi jawbone speech tomorrow to save the world.
via http://ift.tt/1roFgnQ Tyler Durden