As noted in the Trichet press conference on Thursday, the ECB has slowed the pace of bond buying in recent weeks. The bought just EUR 3 bln in the latest week, taking the total to 60 bln so far. They will hold a quick-tender tomorrow for one-week deposits to drain the liquidity created by the bond buying.
EUR/USD is edging lower in its range, now at 1.2560. Bids are seen in the 1.2550/55 area while small stops are spotted below that level. Sovereign bids are seen in the 1.2480/1.2500 region, keeping investors from getting too beared up…
