Looks like all that pressure heaped on the ECB by Rehn and Barroso backfired big time as Trichet and Cie said it would be business as usual in the European bond markets. Traders assume that means small purchases at the margin.
We will get data on Monday which will confirm or belie that assumption.
EUR/USD is getting belted as Trichet failed to ride in in his white Mercedes to save the day with a massive quantitative-ease bond-buying program.
