11/8/2012 ECB Minimum Bid Rate (0245 HI time / 0745 EST)
Started @ 1.2747
1st Peak @ 1.2753 – 0246 (1 min)
2nd Peak @ 1.2757 – 0257 (12 min)
Reversal to 1.2721 – 0335 (50 min)
Notes: The ECB decided to leave the Minimum Bid Rate unchanged at 0.75% in line with most economists expectations in the face of a possible but highly unlikely rate cut to 0.50%. The 6E initially yawned and failed to move much with a spike of 6 ticks cut short by the S1 Pivot. After 10 min of bobbing between the 100 SMA and the area above the S1 Pivot, it achieved a minor 2nd peak of 10 ticks, before reversing slowly for 36 ticks in the next 40 min. With JOBB, your order would not have been filled with a 7 tick buffer, so cancel out. Mario Draghi did cite worsening economic conditions and a glim outlook, pledging to commence bond-buying but falling short of discussing a rate cut. After the start of the speech , the 6E bounced off of the S2 Pivot and rallied again to nick the PP Pivot for 43 ticks in 24 min. Overall a tame reaction with little to bring in the bears or the bulls this time.