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ECB expected to unveil modalities around ABS purchase scheme - BNZ

FXStreet (Łódź) - According to Spiros Papadopoulos from BNZ, the ECB most probably won't make further adjustments to monetary policy at the Thursday meeting but could present the details of the Asset Backed Securities program announced last month.

Key quotes

"With interest rates now at the zero bound, Draghi has already ruled out a further cut in rates and with the take-up in the first TLTRO disappointing some in the market, the ABS scheme needs to be significant."

"The Q&A session will likely focus on the and whether the ECB expects to see a much larger take-up in the TLTROs December when the second auction is conducted."

Ruble keeps refreshing historical lows

USD/RUB opened the trades with a gap higher at 39.27, and continued the move up posting all-time high at 39.58 in the first hours; it is currently trading just a couple of pips below the record.
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