ECB QE could theoretically surpass €2 trillion according to reported program details - page 9
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They are sacrificing VW? That would be a miracle. What other way are they going to use to throw money to them? Installing the printing machines in one of the VW factories?
They are sacrificing VW? That would be a miracle. What other way are they going to use to throw money to them? Installing the printing machines in one of the VW factories?
ECB chief being a Goldman Sachs man, sure know how to do that (fund without any trace)
ECB chief being a Goldman Sachs man, sure know how to do that (fund without any trace)
And when they asked him on press conference about that, he was "angry"
Eurogroup will discuss low interest rate environment
Bloomers gets some of the agenda for the next Eurogroup meeting on Monday
Draghi doesn’t talk about policy – EUR/USD remains confined to triangle
ECB president Mario Draghi inaugurated new art at the ECB headquarters. No mention of monetary policy.
EUR/USD, that had moved higher towards downtrend resistance, remains capped.
The European Central Bank released the speech, and it contains absolutely nothing to move markets. This keeps us in the dark regarding the next policy move. The ECB convenes on October 22nd.
The speech was highly anticipated by markets, especially as it would serve as a reaction to the recent fall in expectations regarding the next move of the Fed, related to the poor Non-Farm Payrolls on Friday.
As we’ve mentioned several times, EUR/USD is trading within a triangle seen in the chart below. Downtrend resistance begins from the August stock market crash (China related) and the consequent surge of the euro as a safe haven currency.
It was then formed after the Fed decision. The no hike decision sent EUR/USD to the critical resistance line at 1.1460. And then it was tackled on NFP day and also on Monday.
source
ECB Minutes: See "substantial degree" of stimulus still in the pipeline
Minutes from last meeting on 2-3 Sept now out
Dovish minutes to confirm Draghi & Co's dovish stance at the time and since
Euro understandably a bit lower but not collapsing as much of it will be factored in
EURUSD 1.1278 EURGBP 0.7366 EURJPY 135.14
Full ECB Minutes here
Nobody cares any more what ECB does. It is all about FED again
Draghi Says ECB's Bond-Buying Plan Working Better Than Expected
Mario Draghi said the European Central Bank’s quantitative-easing program is working better than expected, even though the institution will take longer than intended to reach its inflation goal.
"We are satisfied with QE, as it has met and even surpassed our initial expectations," the ECB president said in an interview with Greece’s Kathimerini published on Saturday. While “it presently appears that it will take somewhat longer than previously anticipated for inflation to come back to, and stabilize around, levels that we consider sufficiently close to 2 percent,” that is largely because of a drop in oil prices, he said.
Draghi cited lower borrowing costs, rising credit volumes and better access to loans for small businesses as signs that QE is having a positive effect. Even so, with the inflation rate below zero for the first time since March, and an emerging-market slowdown posing risks, he has said the ECB is ready to expand its asset-purchase program if needed.
Malta Meeting
Economists and investors are speculating whether the ECB will take steps to boost its 1.1 trillion-euro ($1.2 trillion) bond-buying plan. The central bank holds its next monetary-policy meeting on Oct. 22 in Malta.
In the interview, Draghi also said that Greece needs both “an element of debt relief” and a decisive implementation of the terms of its bail-out program. He said the country has a “good chance” of returning to growth again in 2016, and reiterated that the crisis which brought the country to the brink of exit from the euro area highlighted the weakness of the currency union’s current institutional framework.
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EU Preview: QE vs People's QE
A week fairly easy on macroeconomic data is not likely to bring much relief as the euro area recovery is showing fresh cracks. The global slowdown will further test Europe's economic as well as political resilience. Updated inflation figures from Germany, France and the euro area may hint at the future course of action by ECB policymakers who are preparing the agenda for their October meeting.
EU Preview: QE vs People's QE
Frankfurt - "Seeping pessimism about long-term growth" is dimming the prospects in Europe and elsewhere, European Central Bank (ECB) Executive Board member Peter Praet said in his speech last week, arguing that a cyclical recovery "is progressively taking hold, but uncertainty and negative attitudes hold back a stronger recovery, as uncertainty about the future can feed back into weaker investment today."
Is it that simple?
"Non-standard measures" employed by central banks should be understood as "a necessary reaction to a fragmented and depressed environment, where the central bank found itself, in the words of many observers, as the only game in town", Praet said, suggesting a recipe: "Creating the conditions for a more dynamic distribution of firm growth ... and this is where the need for further structural reforms comes in."
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ECB's Mersch says near-term inflation may continue to hover near zero
Oct 13 Inflation in the euro zone might continue to hover around zero in the near term, but could increase towards the end of the year when the base effect falls out, a European Central Bank executive board member said on Tuesday.
Speaking to reporters on the sidelines of a banking conference in Singapore, Yves Mersch said the difference with the past was that inflation would take a little longer to reach where the ECB wants it to be.
Euro zone inflation turned negative again in September, as oil prices tumbled, raising pressure on the ECB to step up its asset purchases to kickstart anaemic price growth.
It has already said it may have to increase or extend the quantitative easing scheme because inflation may fall short of its target of almost 2 percent, even in 2017.