ECB's Asmussen 'Double-Speak' Confuses Algos But Rajoy Gets The Message

Tyler Durden's picture

"Fix it Yourself" or "We've got Your Back"; "Crisis not done in three years" or "Euro is not in crisis"; "Market is pricing in Breakup of Euro" or "Portugal Yields Back at Pre-Bailout Levels" Is it any wonder that EURUSD just blipped up 10 pips, on ECB Executive member Asmussen's confusing diatribe, and fell back now stranded like an upside down beetle. Of course, the key factor in the non-crisis is that

  • *ASMUSSEN SAYS SPECULATION OF EURO AREA EXITS HINDERS ECB POLICY

but if there is a crisis - he pushes all-in back to Rajoy:

  • *ASMUSSEN SAYS STATES MUST SEEK EFSF HELP BEFORE ECB HELPS
  • *ASMUSSEN SAYS THERE HAS TO BE CONDITIONALITY

We guess Europe is indeed back from vacation and the real jaw-boning can begin.

 

and oh yeah, Portugal is all fixed...

 

Chart: Bloomberg