Every report we get is that the ECB has been aggressively buying Italian and Spanish debt on a scale unseen before today. They stepped up their game yesterday and seem to have really poured it on today. Italian yields are still around 7% despite all the buying.

We’ve had a range of 6.95%/7.25% so far today after a rocky Spanish debt auction.

The ECB buying has calmed EUR/USD which bounced about 75 pips in the last 30-40 minutes.