The ECB decided to keep its liquidity programmes in place and pointed out that it was able to buy sovereign debt, but no more than that.

My initial reaction is that this is perfect for me. Delphic enough to avoid a panic, even if they aren’t going to buy many bonds, and therefore unlikely to upset the rally in risk assets that was kicked off yesterday by positive global PMI’s. On the other hand, not good enough to halt the slide in the euro. So go long risk, short euro.

I bought palladium last night, so that should work for me.