That’s probably a little on the low side but the reaction in the euro looks uncertain as it filp flops between 1.2880 and 1.2908.

It’s difficult to make a call on this news. Does it mean there’s no demand from the economy, or that banks are suitably financed so they don’t need it?

Given that they are still paying off the LTRO’s it suggests that they have enough finances and don’t necessarily need the extra money.

What we will need to look out for is that there may be some banks that still have problems and are using this to help solve them. We’ll have to wait for that to come out in the stress tests.

Another point, and there will be many more no doubt, is that if there is a low take up it could well speed up the ABS program to come online and bring forward expectations on QE.

Lots in the mix but for now there’s no move in FX.