Right at the start of the ECB statement, Draghi said:
“As regards our non-standard monetary policy measures, we have started purchasing covered bonds and asset-backed securities.”
The punters out there, for some reason, didn’t realize that he was just recapping what was already announced in September. They heard “purchasing” and “bonds” in the same sentence and dumped the euro down to a session low at 1.2281.
It was nonsense and the trade blew up the other way when Draghi said they’ll wait and see.
EURUSD one minute chart
