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EUR takes a hit on chatter around ECB actions - BBH

FXStreet (Barcelona) - Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman noted that the euro is lower after newswire reports that the ECB is considering buying corporate debt on the secondary market.

Key Quotes:

“The reports suggest that plans for purchase are well under way and the ECB may decide to go ahead as early as December."

"The euro lost about 50 pips on the news and came off from its latest attempt at the $1.2850 level. If reports are true, then the ECB is moving even closer to outright QE."

"In terms of further measures from the ECB, the biggest question is timing. Would it move so soon?"

"The ECB just this week started its ABS and covered bond purchase program, and it will take several months at least before any salutary effects are seen. On the other hand, given the growing headwinds on the Eurozone economy, why wait? "

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