Comments from Bank of France Governor Villeroy de Galhau overnight can be found here:
In a nutshell:
- he is signalling that more ECB policy stimulus is on its way (the ECB meets next week)
- Villeroy also took a swipe at the recent Germany constitutional court deciison, V saying that the capital key constraint was not necessary for the emergency bond buying programme, also that transmitting monetary policy to different members of the euro area is just as important as the policy itself
At next week's meeting expect:
- further easing
- updated economic projections
Meanwhile, EUR/USD goes zzzzzzzzzzzzzzz, barely any change here in very early Asia
