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Forex Flash: ECB not to be the first CB to impose a negative deposit rate - BBH

According to Brown Brothers Harriman: “On May 8th, banks further trimmed their overnight deposits at the ECB and at 120 bln euros is the least amount since November 2011,” notes Marc Chandler, Global Head of Currency Strategy at BBH, while “Banks increased their current account holdings to 46 bln euro to 347 bln, which is the most since mid-April,” the analyst adds. “We see rise of the current account holdings as a reflection of banks preparing for their reserve maintenance period,” he suggests.
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