Courtesy of Mish.
ECB President Mario Draghi attempted to talk the Euro lower and the market higher today in a lengthy one hour press conference following his decision to not change change interest rates.
Markets are now closed, so let’s put a spotlight on the results (or lack thereof) of Draghi’s verbal intervention.
click on any chart for sharper image
Euro 15-Minute Chart
That is the key chart for someone who desperately desires the euro to sink vs. the US dollar.
In 15 minutes, the Euro sank from 1.09 to 1.078. For the rest of the day, the Euro rallied right back where it started from.
Five Year German Government Bond
Congratulations are in order. Draghi managed to drive the yield on the German bond from -0.20% to -0.24%.
How that’s supposed to cause inflation remains a mystery given that it’s not done a damn thing yet.
US 10-Year Government Note …
