ECB release the minutes from the June 2015 governing council meeting

At 11.30 gmt the ECB release their latest minutes following their June monetary policy meeting

In the last minutes they noted the differences in returns following the implementation of QE. Stocks were up 7.5-10% while returns from sovereign bonds were lower.

The ECB started buying bonds at the top of the market and then Greece took over. Yields have risen between 100-150% for countries like Spain, Italy and Portugal and over 2000% for Germany.

German 10 year yields

As yields rise the price of bonds fall so the ECB is well down on the value of their positions. They aren't it for the profit though but they may make mention of the situation in the minutes. What the move in yields has done is increase the amount of eligible paper and particularly from the preferred short end of the curve.

I wrote a post yesterday about whether the ECB was using QE as a form of OMT to help keep markets under control while the Greek mess unfolds. We may get a little clue to that from today's minutes if they discuss their buying patterns. The weekly numbers have been fairly stable so they probably won't divulge the day to day buying scorecard

FX will be in focus too and the ECB touched upon the flow action and currency hedging but there were no remarks on any negativity of the euro rising from the years lows. We've been even higher since then so the minutes may start to show increased concerns. If they do then that might help the euro lower. Some context is needed though and the ECB don't watch the 5 minute charts. The currency moves and that's a fact of life and moving in and around a 1000 pip range over an extended period won't see them panicking. Greece is a big reason for the moves also and so that can be used to brush any currency concerns under the table

Most of the minutes are just an extension of the monetary policy statement so there's a lot of guff in there. News and comments from the individual members will be thin on the ground. We know that all of them are currently onboard with QE irrespective of reservations and we're nowhere near the time where we start to see hawks or doves establish themselves. I expect we'll get an "steady as she goes" message as far as the general consensus and more of the "QE/TLTRO is transitioning well" type jargon

Trading wise there's unlikely to be any shocks from the minutes so there's probably little risk to the Euro. Comments on Greece and the ELA could introduce some price risk but that depends on how far they touch on it. The minutes right now are all about trying to nick a few little clues rather than looking for any big shifts in sentiment like we do with the Fed and soon the BOE