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.