A sampling of the market commentary following the ECB decision.

  • Nomura says EUR may be worth a tactical buy from near 1.30 “until about 1.33″
  • Rabobank says Draghi comments on negative rates a “masterly example of verbal intervention” but they’re calling his bluff, saying the ECB will stay on the sidelines
  • Deutsche Bank ponders what negative rates would mean, saying it would be “extremely heavy handed” and “directed in no small part at the exchange rate”
  • Jefferies took a different line and said negative deposit rates might not do much for the real economy

On EUR/CHF

  • Strategists at Citi see a greater likelyhood the SNB hikes the penalty rate on excess reserves, which would weaken CHF (boost EUR/CHF).