The ECB printed a little more money than the market’s expectations, but well within the expected range. As shown below, the DAX has given back about 60% of this morning’s early gains. Most markets are either up a little or down a little - nothing dramatic either way.
read more
With expectations around EUR300bn, the EUR489bn print is well above expectations. ECB ALLOTS EU 29.7BLN IN 98 DAY REFINANCING TENDER ECB AWARDS EU489 BLN IN THREE-YEAR LOANS VS EST EU293 BLN ECB SAYS 523 BANKS ASKED FOR THREE-YEAR L... Read Post
It seems the FX market is just a little edgy this morning. A few brief words from ECB member Benoit Coeure on the possibility of short-term LTRO repayment (if rates are cut to negative) appears to have reminded traders that LTRO doe... Read Post
Just over a month ago we laid out the market's key indicator for whether NEW QE (or the just as fungible LTRO / unsterilized money printing from Europe) was likely. The 5Y5Y forward inflation expectation has been invaluable in front... Read Post