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ECB meeting takes centre stage today – Danske Bank

FXStreet (Edinburgh) - Flemming Nielsen, Senior Analyst at Danske Bank, underlines today’s risk event for the single currency.

Key Quotes

“The main event will be the press conference following the ECB meeting”.

“Since rates have reached the bottom, focus will be on the details of the ABS and covered bond purchase programme”.

“We expect the press conference to revolve around the ECB’s new ‘soft target’ of a balance sheet expansion”.

“Draghi did not interpret last week’s low TLTRO take-up as a disappointment but insisted that the December auction is needed in order to assess the success of the programme”.

“Hence, it seems evident that the ECB will be in waiting mode for the next couple of months”.

“While the pressure on the ECB to use outright Quantitative Easing (QE) in public assets is increasing, it is still premature to take this step in our view”.

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