The ECB gave the market basically what it expected, with a tiny twist. They indexed the remaining one year refi so the last refi will not be at a fixed one percent. Beyond that, they announced the end of the 6-month refi at the end of Q1.
The ECB is not alone in eying the exits in a tentative way. The Fed is doing round of three-day forward reverse repos today, a draining measure. Sounds like another test…
EUR/USD has taken on an easier tone within its established range after the topside proved resilient after the ECB meeting. Stops are seen below the 1.5030 level once again today if the market loses its bid…
