ECB's Benoit Coeure on the wires from an interview with the Boersen Zeitung newspaper

  • will continue policy of steady hand
  • ECB plans to continue covered bond buys until Sept 2016

As per the ECB Minutes released yesterday

  • recovery remains weak and only gradual
  • "not worried by what I see" so far

Not sure of the context of that last comment

  • unconventional measures must be temporary
  • global markets currently marked by "exceptional nervousness"
  • ECB will only be forced to act when economic situation or mon pol situation changes dramatically

Full interview here

EURUSD 1.1117 after a solid retreat to session lows of 1.1106 in a general grab of the greenback

GBPUSD gave up on its attempt above 1.5650 and has now returned to test 1.5600 again

What doesn't stay up must invariably come down again and EURGBP supply was providing a flattering bid to cable in reverse to this morning's price action