What the European Central Bank Move Does to Currencies

European Central Bank

Got whiplash? The euro is spiking on news of the European Central Bank's Italy support - for now.

Don't expect relief from the European Central Bank's Italy support to last long, according to Rebecca Patterson, chief markets strategist for J.P. Morgan Asset Management, Institutional. The euro is up sharply, but markets are whipsawing.

"We've definitely changed the game today and into the weekend," Patterson told CNBC's Scott Wapner. "I think if Berlusconi's press conference confirms that Italy is speeding up reforms, we could see a little more risk appetite in the close," she says.

But Patterson is reluctant to forecast the impact much beyond that point. "I don't think we've changed the longer term game," she says.

In the current volatile environment, there is plenty of chatter about safe haven currencies. Patterson thinks it probably makes sense to fade the central bank interventions in Switzerland and Japan. Beyond those obvious safe-haven plays, she also suggests taking a look at the Norwegian krone.

"We think the Norges Bank is likely to raise rates. It's a relatively defensive play in the grand scheme of things," she says. Patterson is also generally bullish on the Singapore dollar, calling it "one of my favorite safe haven currencies."

You can watch the whole discussion in the video clip.

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