Last week the market’s attention was focused on the central bankers with both Ben Bernanke and Jean-Claude Trichet speaking.

Investors were waiting for some key words from the ECB: as the central bank’s President said “strong vigilance” about inflation euro immediately spiked. When Trichet uses the expression “very close monitoring” euro moves quite a bit.

Analysts at Westpac note that as investors got used to coded messages from central banks, so it the tension escalates, the market would react violently in both cases: if the ECB’s head mentioned “strong vigilance” and if he didn’t.

Strategists J.P. Morgan say that central bankers may just want to animate the dry data. Analysts at Citigroup, however, don’t agree with such opinion thinking that their actions are quite deliberate. In their view, 30 years ago the goal of monetary authorities was to surprise the markets while now the central banks, on the contrary, try to prepare investors for future developments in order to eliminate potential shocks.

Sophisticated investors know exactly what “strong vigilance” meant, but individual traders may have plenty of difficulties trying to interpret the “code language” correctly. As a result, Citigroup notes that it’s much easier for retail investors to trade on such factors as high probability of ECB July rate hike based on the market’s expectations. However, on Thursday after forming a spike euro has sharply fallen. An individual trader who needs some time to understand what’s happening may be crushed in such situation.