ECB’s Noyer speaking on CNBC:

  • ECB stands ready to act
  • We can buy private or sovereign assets if we do QE
  • We still hold that euro might correct naturally
  • ECB action will depend on inflation, incoming data
  • Appreciation in euro over past 12 months is not appropriate
  • The bulk of the crisis is over

Similar to comments from other/every ECB member but jawboning isn’t doing the trick. No reaction from EUR/USD.

Put up or shut up.