It seems that WOWS is not the only place that thinks the Mer-Kozy Statement may have been a dud

The Telegraph's Ambrose Evans Pritchard had much the same to say...

Zilch again from Merkozy

No fiscal union, no Eurobonds, no ECB as lender of last resort – yet.

Just the usual blather and a revamped Stability Pact (Fiskalunion).

Yawn.

Merkel seems to have backed off on demands that budget breaches will be justiciable before the European Court, so the Treaty chatter is mostly Quatsch, bêtises, and eyewash.

This Merkel climb-down makes it less likely that she will give in on real rescue measures, so why the market exuberance in Italy? Beats me.

***Ambrose Evans-Pritchard has covered world politics and economics for 30 years, based in Europe, the US, and Latin America. He joined the Telegraph in 1991, serving as Washington correspondent and later Europe correspondent in Brussels. He is now International Business Editor in London

Here's the updated Euro

As mentioned earlier, lower highs/lower lows, we'll see if we break to a new low shortly. Perhaps the market isn't as excited as equities lead everyone to believe.