As he began to speak the EUR rallied, EGBs rallied and ES rallied – last minute hopiness wrung out of the system, but as soon as he explained that his plan to promise a plan which plans to promise a solution was nothing but another promise and not an actual plan, so everything reversed. S&P futures are -17pts from pre-Draghi, Gold back under $ 1600, and the USD is ripping higher, Treasury yields are down 8bps from pre-Draghi, EURUSd is perfectly unch at 1.2275 after trading up over 1.24 as he began. Spain and Italy have given back the immediate euphoria with Italy now 20bps wider from pre-Draghi and Spain +10bps (though still -60-80bps from before his comment last week).
Euro Government Bonds cracking wider…
and across asset classes – its derisking reality: