Comments from Noyer and Coeure bury the euro.

The ECB won't tolerate a rising euro.

EURUSD dives after Noyer/Coeure/housing starts

It's abundantly clear that Noyer and Coeure set out to drive down yields and the euro with their comments today. Noyer was first and said the ECB could go further if necessary to achieve 2% inflation. He talked about continuing QE after September 2016 as well.

That was followed by Coeure who talked about lower market liquidity in the Summer and said 'if need be' the ECB will frontload QE before mid-July.

I find it hard to believe that the ECB couldn't stick to the plan of buying 60 billion per month. Even ramping it up to 70 billion isn't that much of a marginal difference but it underscores that the ECB is on the bid in bunds.

More so, the coordinated comments highlight that the 1.13/14 area is a zone where the ECB will begin to talk about more action.

It's been a quick move from 1.14 and it won't be sustained unless US economic data improves but I think the comments today broke the back of the euro bounce and we're eventually headed back to 1.05 and lower.