Spain Successfully Holds Bond Auction, And The Euro Just Exploded Higher

The bull move is accelerating this morning.

Spain just held a 3-year auction, and though the yield was up significantly since last time, the results were strong enough such that the euro is exploding higher once again, and obviously that kind of move has all kinds of knock-on effects across other markets.

Meanwhile, for more on the big ECB announcement, see here at FT Alphaville, which has a collection of notes, the general gist being: Yes, he might say something regarding PIIGS debt, but don’t expect anything nuclear. He has major potential to disappoint.

Update: Click here for more on the successful auction.

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