Thursday, February 7, 2013

Rates Unchanged, Effect Close to the Same

I'm still sorting through Draghi's press conference, but the ECB left rates unchanged, half the market gapped up if even slightly, half gapped down and the Euro plunged. Not exactly what we thought would happen in actual policy, but the effect on the Euro is exactly the same, it remains to see if the rest of our thesis plays out. The charts hinted at the direction things would take, I guessed incorrectly how we would get there, but somehow we still managed to get there.

I'm just finishing up with the press conference...

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