The market is taking the lack of mention of quantitative easing steps in the announcement as definitive and European interest rates are rising as a result. 10 year German bunds are down more than 3/4 points on the day in the wake if the ECB.
EUR/USD has jumped more than 60 pips, now at 1.3360. It trails the likes of AUD by a mile as the reflators look for greener pastures than Europe. 1.3375 is resistance on EUR/USD near-term.
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