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The ECB has decided to announce a multifaceted package focusing on liquidity, a temporary increase in the QE envelope of a total EUR120bn to be implemented by year-end and leaving policy rates unchanged, analysts at Danske Bank brief.

Key quotes 

“The package underwhelmed the market, which saw in particular risk-off, with spread widening between peripheral and core bonds.”

“We believe the ECB is done with policy stimulus, unless things turn markedly worse.”

“We believe EUR/USD is likely to turn its attention to potential fiscal measures being taken in the US and Europe, although little has happened as of yet.”

“EUR/USD is evolving on a day-to-day basis but we believe it is likely EUR/USD is heading lower.”

 

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