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Crdit Suisse's Economics team expects significant policy easing from the ECB next Thursday, with:
1- a rate cut – a 10bp cut in the deposit rate, to -0.4%;
2- more quantitative easing - an increase in the monthly pace of asset purchases, to €80bn per month; and
3- credit easing measures - possibly involving purchases of euro area investment grade corporate credit, or another round of liquidity provision to the banks
On the other hand, CS FX team believes the risk of a replay of the disappointing December ECB meeting outcome is high in FX space and is therefore inclined to buy EURUSD ahead of the decision.
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