Spreadex Market Update
Risk assets leap forward
Mr Draghi has made abundantly clear to short sellers and euro sceptics that the ECB is ready and waiting to do whatever it takes within its mandate to preserve the single currency, a move that saw one of history’s most crowded trades, short euro, violently squeezed.
The market’s reaction to Mr Draghi’s comments has been perfectly rational given the so far apathetic central bank response to the euro crises, which now pledges to address the severe failure of confidence that has had debtor member states crippled for months.
Investors will now watch Spanish bond yields closely over the coming days for signs of disbelief.
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