EURUSD got close to 1.1400 after the ECB said that QE was doing its job
Earlier on today the ECB published their latest bank lending survey and it was a big factor in this morning's rally
The ECB came out and said that QE had been supportive of Q3 lending conditions with some banks noting higher profits over the last 6 months on the back of QE
The ECB said that banks negotiating conditions on new loans across all categories had eased their terms and conditions and that the main factor was competition. Conditions also improved in funding access in money markets, debt issuance and securitization
The ECB is all about the transmission of QE through to the economy and this is a bullish report on that. It's taken a lot of heat out of the expectation for more easing by Draghi and is likely to see them staying firmly in the wait and see camp in Thursday. It won't remove the prospect of talking about doing more but it may reduce how strongly they push that
EURUSD is falling on the back of dollar strength following the housing numbers. Greg's got your levels all taken care of in his tech post
