What Event Risk?

Exhibit A: ECB changes from the last meeting to this meeting

Previously
: no discussion of QE ending
Now: anticipates it will end in December 2018
Previously: rates unch ‘as long as necessary’
Now: a hike in >12 months time. If you had read the above changes a couple of months ago it would have looked as hawkish as you like. Instead, EUR/USD had its biggest daily down-move in two years.

But you, faithful BlondeMoney reader, know why, right? You read Thursday's note and you know that it is . . .

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