finding A M S
-
NFP – Expect This And Be Surprised By That
Draghi’s loose lips yesterday plunged the 17-member single currency through a three-cent handle before a bottom was found. The uttering of negative deposit Euro rates attempted to temporarily cripple the single currency ahead of this morning highly anticipated US employment report. The ECB did not need to take on any additional, more aggressive stimulus – instead they had Draghi mouthing deposit rates, which in effect, delivered the same impact as an aggressive cut. Investors were hoping for yesterday’s rate cut to be the first on a list of measures to support a Euro-zone recovery. In the end all they got was ... (full story)