Central Banks


Bloomberg reports

  • Even hawkish policy makers want a gradual and to bond buying
  • No decision has been taken on plans for QE after September
  • Policymakers are sticking to assumption that their bond buying program will be wound down over about 3 months rather than brought to a sudden halt
  • Buying is currently scheduled to run until September at a pace of €30 billion a month
  • That would take the program to €2.55 trillion
  • The eventual end date is especially important for the ECB as it sets a marker for one interest rates will start to rise
  • The decision last week from the ECB said that the governing Council pledges to keep borrowing costs the current record low levels until “well past” the end of net bond purchases
  • Draghi last week said there are very few chances at all that interest rates could be raised this year

The EURUSD has moved to new session lows.  The price targets the January 17 swing high at 1.2323 followed by the 200 hour moving average at 1.23144.



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