3 April 2014 ~ ECB Statement + Draghi Q&A

The day many had been waiting for: ECB Statement.
Draghi sits down and begins his report, having already decided to make no changes to lending and deposit rates.
2 minutes in, and 6E has rallied a good 30 points… but tentatively. My view is it may have in part been due to shorts unwinding their bets that Draghi had some hint of something up his sleeve.

This is a special blog post in that the video is a full hour long, containing several major markets as they gyrate, alongside live audio from Draghi’s statement and Q&A session.

Personally I didn’t see any obvious trades to make. Yes, the Euro moved up, and later moved down, but I prefer the trades that are smacking you in the face: “The ECB … admits defeat… Mario is tired… I retire”. That sort of news.

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