Draghi raised expectations too much to go back
Here is what SEB had to say about the ECB:
"The ECB has already raised market expectation so much that no further monetary stimulus would come as a big disappointment to markets. A change in the terms and conditions of the asset purchasing program looks to be the most likely action. The monthly purchases could be raised to between €70bn and €80bn. A cut in the deposit rate is back on the agenda and cannot be ruled out."
What we're seeing in markets is that it's not just good for euro shorts. The stock market loves it and European (especially periphery) bonds have posted a huge rally to day with Italian 10-year yields down 16 basis points to 1.45%.
