ECB Leaves Rates Unanimously on Hold

In the previous ECB meeting we had a split decision on whether to cut rates further or not but today Mario Draghi said the council decided to leave rates on hold unanimously. This brought about a sell of in fixed income products, with the Bund dropping 20 ticks in the minute of the announcement  and Euribors falling 6 prices, along with some very nice volatility, which made it easier to leg in and out of spreads.

Although the spread prices didn't move that much, there was plenty of opportunity to get good shorts on to then cover them for the half tick. 

I sold 99.70 in Mar14 on the back of the comment, but as it didn't go down straight away I only took 1/2 tick which really left a sour taste in the mouth as it was trading at 99.66 a minute later. It was bad trading on my part, but I'm sure there are those who managed to hold on and make a nice amount on that down move.

That was the main real moment of interest in the meeting, the rest was all the usual chatter.

Looking to tomorrow hopefully we get some follow through in the morning, but with not much data coming out its likely that it will be a quiet one afterwards.