Over-promise and under-deliver appeears to have been the Draghi meme as the ECB chief's loss of control of market front-running has left traders rapidly reversing their buy-the-rumor positions. EURUSD is spiking higher, Bund yields - most focused at the short-end - are surging, DAX is dumping, and US equity and bond markets are being sold. USD weakness has sparked gold and crude strength. We are gonna need a lot more jawboning in the press conference to save this...
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Oil loves the weaker USD, stocks and FX carry not happy, Treasuries dumped on Bund arb...
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and PMs are bid on weaker USD...
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This is what it looks like when doves cry....
Charts: Bloomberg
