The analysis is still correct, but the market is rigged (see below a ZeroHedge article). Outcome of this chart unchanged.
"Just as we warned was likely (how many times have we seen this game played), The ECB has come out this morning to explain to the market that the reaction to Draghi's hawkish speech yesterday was entirely mistaken. The reaction is clear - EUR and Bund yields are tumbling.
Vice President Vitor Constancio scrambled to set the record straight, saying the remarks were “totally” in line with existing policy and the response by investors was hard to understand.
Following the euro’s biggest daily jump in over a year, in what could be interpreted as verbal intervention, ECB’s Constancio said that market reactions aren’t always understandable and that Draghi didn’t say anything new in regards to recent ECB policy.
Mario Draghi’s speech in Sintra on Tuesday was “totally” in line with recent ECB policy, ECB Vice President Vitor Constancio said in an interview on CNBC."
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"Just as we warned was likely (how many times have we seen this game played), The ECB has come out this morning to explain to the market that the reaction to Draghi's hawkish speech yesterday was entirely mistaken. The reaction is clear - EUR and Bund yields are tumbling.
Vice President Vitor Constancio scrambled to set the record straight, saying the remarks were “totally” in line with existing policy and the response by investors was hard to understand.
Following the euro’s biggest daily jump in over a year, in what could be interpreted as verbal intervention, ECB’s Constancio said that market reactions aren’t always understandable and that Draghi didn’t say anything new in regards to recent ECB policy.
Mario Draghi’s speech in Sintra on Tuesday was “totally” in line with recent ECB policy, ECB Vice President Vitor Constancio said in an interview on CNBC."