Weekly data on ECB bond buying:
- Total public sector buying hit €134.2B from €122.4B the previous week
- ABS to 6.23B from 6.13B
- Covered bonds to 82.8B from 80.76B
The market was watching this report to see if it would show evidence of the frontloading hinted at by Coeure but, if anything, it shows the opposite. Less than 12B in purchases is a sub-50B monthly pace so any frontloading will need to pick-up.
In any case, there has been no reaction from the euro with markets thinned by holidays. It's trading at 1.0976, in the middle of the 1.0959 to 1.0992 range since the start of European trading.
