[By NBC-1TV H. J Yook]“The greatest trick the devil has ever pulled was to convince the world he didn't exist” -- The Usual Suspects

But Draghi convinced the markets the OMT did exist in September without activating it. What ensued thereafter was a virtual easing, with peripheral bonds, equity indices and euro currency moving from strength to strength.

Euro is powered up (highest daily percentage gain since September 7, 2012) after the ECB press conference revealed that none of the governing council members called for a rate cut at today‘s meeting, which added to the currency’s earlier gains triggered by a strong Spanish bond auction. EUR 5.827 bn in 2015, 2018 and 2026 bonds was raised, exceeding expectations of EUR 4-5 bn. Yields fell across the board, while the bid/cover ratio for the five-year auction jumped to 2.59 from the prior 2.59.