ECB’s Draghi earlier said that they would do whatever required to preserve the Euro, with the currency being irreversible. With the announcement we saw an immediate sharp reversal in the currency having been under renewed pressure, to now stand just off session highs at 1.226. European equity indices were under pressure prior to the announcement amid concerns over growth after a number of companies had disappointed with their earnings reports, but the broad Eurostoxx is now around 2% higher, with Spain and Italy both outperforming.

 

Posted by Philip Ball | Sales and Trading