Goldman Sachs is out with a quick preview of the upcoming ECB decision:
ECB: We expect rates on hold (Main Refinancing Rate on hold at 0.05%, in line with consensus). The ECB will publish technical documents on how it intends to proceed on the ABC program. Our European Economics team (i) does not expect a total size for the ABS and covered bond programs to be announced, (ii) and thinks that, while covered bond purchases will likely start from October, ABS purchases could be delayed as further preparatory work still needs to be completed.
Separately, Goldman Sachs is upbeat on the jobs report. They forecast 230K new jobs compared to the 215K consensus and they see unemployment at 6.0% vs the 6.1% consensus.
For more and trading recommendations from Goldman Sachs, check out eFX Plus
