A very good commentary by David Marsh from Market Watch. The key takeaway from the article is this:
In last Thursdayâ€™s announcement of plans for â€œunlimitedâ€ intervention on short-term sovereign bond markets, Draghi was careful to point out that borrowing country governments will have to pull the trigger for action. They will have to apply for formal aid from the euro areaâ€™s EFSF and ESM rescue program.
Draghi didnâ€™t mention that another set of governments will have to be asked â€” those from the countries supplying the funds for these rescue packages, i.e the full panoply of 17 EMU members. That may not be a problem for countries that are themselves in a mess. But Germany is a different story.
This could be the reason why EUR/USD and also Equities prices dropped during the initial announcement. Prices only really rallied after 09.30 EDT when US market opened.
via – MarketWatch