There is always a price for promises you don't keep!
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ECB hikes, ADP strongly beats, EURUSD dithers
Trichet and company delivered with the expected rate hike and continue to call rates accommodative. Meanwhile, the pro-risk trades are celebrating a large positive surprise on US ADP payrolls survey. In Europe, sovereign spreads are bolting wider once again, with the Portuguese 2-year now yielding over 18% and up 150 bps from yesterday’s levels. The Italian and Spanish 2-year yields rose approximately 10 bps as well ahead of the ECB press conference (but after the rate decision) while the German 2-year yield drooped another 5 bps. This and the fact that the ECB rate hikes was apparently fully priced has the Euro ... (full story)
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There is always a price for promises you don't keep!
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