Draghi’s comment pressured the single currency much lower as traders quickly expressed their disappointment in the ECB’s decision not to implement immediate intervention; that’s what’s being priced in today. But let’s also balance this out: The ECB also open to the door to bond buying which was upgraded from previously “limited” to now having no set limit. So bottom line is that the ECB – in Draghi’s words – “may undertake outright open market operations of a size adequate to reach its objectives” and that it could take “further non-standard monetary policy measures”. The problem is that the timing is the unknown and ... (full story)