• Draghi: Within our mandate, ECB ready to do whatever it takes to preserve the euro
  • Draghi: Euro area much stronger than people acknowledge
  • Draghi: Progress has been extraordinary in last six months
  • Draghi: Euro zone has power to defeat market speculation
  • German Gfk consumer confidence for August 5.9, up from 5.8 in July and better than median forecast of 5.8
  • Greece has completed 11.7 bln euros savings plan for 2013-2014 – Greek FinMin
  • Earthquake magnitude 6.7 hits Indian ocean northeast of Mauritius – USGS
  • Singapore June industrial output +3.9% m/m, +7.6% y/y, demonstrably stronger than Reuter’s median forecast of flat, +3.2% respectively
  • How the euro was saved. With a bang, not a whimper - The Economist

There was the pre-Draghi market and the post Draghi market.

EUR/USD stood around 1.2130/35, effectively unchanged on the day , when comments from the ECB head honcho hit the wires. The EUR/USD rally started off slowly enough, but gathered pace when buy stops were tripped through 1.2175 initially and then more through 1.2230. We’ve been as high as 1.2288, presently at 1.2275.

The euro bears have been given a severe bloody nose. But will it prove a knock-out blow? I’d be surprised if it were, but the bears will probably need a while to clear their heads.

USD/JPY hardly moved on the day, about 10 pips firmer from when I arrived, presently at 78.18. Buy orders seen 78.00/05 (said to include semi-official interest), sell stops through 78.00 and 77.90. Sell orders clustered 78.40/60, buy stops above there.