Earlier this week, we pointed out that the 'PetroYuan' is on the verge of becoming reality with Graticule's Adam Levinson noting that the birth of a yuan-denominated oil contract will be a “huge story” in the fourth quarter, and will be a “wake up call” for investors who haven’t paid attention to the plans.
As a reminder, nothing lasts forever...
Judging by the 200 pip tumble since the ECB's meeting on Thursday, the EURUSD was at 1.1614 moments ago, the unexpectedly dovish taper clearly surprised many, and attention has fallen on the open-ended nature of the operation as the focus of that surprise. And speaking of said "open-ended" taper, overnight Boersen-Zeitung reported that Bundesbank President Jens Weidmann, Executive Board member Sabine Lautenschlaeger and Dutch central bank Governor Klaas Knot all opposed Draghi's decision.
US equity futures are higher, boosted by a bevy of better than expected earnings out of tech giants Amazon, Intel and Microsoft as Asian stocks and European shares climb amid the dovish sentiment unleashed from Thursday’s ECB update.
Authored by Bruce Bawer via The Gatestone Institute,
