Interesting day – quite instructive. Draghi seriously mismanaged his consensus-building and expectations-setting with the “Whatever it takes” comment a week back. The “No comment” from the Buba in response to Draghi’s press conference today was a shot heard around the world. I’m not being critical of the man – glad I don’t have his task. But … yeah, I suppose mastery of one’s communications is a key skill for a head central banker. Bernanke has done better.
Instructive day – almost encapsulated the relationship between the US equity markets and the European ructions perfectly. Euro down, S&P down … Euro not down, S&P up. Thats a gross oversimplification, but this is a blog post, not a dissertation.
Charts are NetDania. I’ve tried to line up the times.