King Canute

ECJ ruling on the ECB OMT has all but given green light for Draghi to go full retard QE. Therefore SNB's Jordan finally throws in the towel on his King Canute impersonation and drops the floor before the market does it for him. Three years of gold selling comes to nothing and a host of retail FX trades finally fail to get out of the way of the steamroller.

Front end of Europe rates finally witnessed some action thanks to this turn of events. 

Teds

€ curve

Bunds made an obvious new all time high, on this sentiment. However, more attention was paid to the very front end so the curve did flatten but only slightly.

BTP-Bund

I'm actually mildly surprised by the lack of activity here in BTPBund spread. I guess everyone has been positioned for QE for a while.

Bund 240min

30 min

Bobl 30min

EURUSD future 240min

Stoxx 240min

Oh and in the US Philly fed manufacturing was pretty bad coming at 6.3 expected 19.9. Just to ensure long end momentum was maintained.

Tya 240min

Tya 30min

SnP mini 240min

 Good luck
L