Draghi Gives Markets Wings
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Markets in the U.S. and Europe are moving higher on Thursday morning after ECB President Mario Draghi gave markets a pint of red bull. Draghi did not mention specific monetary easing or provide steps on funding the ESM permanent bailout fund. What he did instead was pledge to do whatever it takes to preserve the euro
Markets are interpreting this as a very bullish statement, but the insiders say the buzz is unlikely to last without more specifics. For now, we have a major bullish reversal on our hands. Most notably, the yield on Spanish 10-year bonds is now below 7 percent. Equity markets in Europe are all higher, and U.S. equity futures are up. The EUR/USD is trading at 1.2370.
Markets are interpreting this as a very bullish statement, but the insiders say the buzz is unlikely to last without more specifics. For now, we have a major bullish reversal on our hands. Most notably, the yield on Spanish 10-year bonds is now below 7 percent. Equity markets in Europe are all higher, and U.S. equity futures are up. The EUR/USD is trading at 1.2370.
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