Mario Draghi must be taking lessons from the Bank of Japan because this is one of the best verbal whoopin’s I have seen put on a currency.
Mario yanked the rug out hard; so hard, that the basement is now evident.
I do not wish to get too dramatic here but the truth is that the Europeans simply do not want the Euro above 1.140 and they did their best to take it down. Traders can take away from his comments today that they will have the ECB at their back if the Euro starts getting too goofy to the upside. that will enable to sell rather comfortably up there should the Euro revisit that level. It would take some sort of huge sea change in sentiment tied to a fundamental development for the ECB to tolerate the Euro above 1.14-1.15 based on what Mr. Draghi said today. (more)
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