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 . . .