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Stock market enjoys ECB package while Euro remains defiant
Euro is down today, but after last night's big rally, it will only be fair to call today's move as throw away and largely expected at the end of the week, but stock markets have begun enjoying the ECB package gaining back most of the losses from yesterday.
Even German bund is up more than quarter of a percent up, so yields are broadly down across Euro Zone.
Euro is down 80 pips from yesterday but still far up from pre ECB level of 1.096.
ECB's package is succeeding in fuelling risk aversion across broader market and having spillover optimism into stock markets around the world.
Japanese' Nikkei is pointing to 2.4% gains, while US benchmark S&P 500 is up close to 1%.
Oil, natural gas, copper all positive for the day.
Key would be to see if the trend is carried forward to next week or just fades and market focuses on FOMC.