交易新闻
16 Apr 2015
Draghi: ECB only “1km into the marathon” – Investec
FXStreet (Barcelona) - Jonathan Pryor, Head of FX dealing at Investec, shares the key highlights from Draghi’s speech post the ECB monetary policy meeting.
Key Quotes
“Key points from Draghi included: not contemplating a Greek default scenario (scary); not engaging in talk of amending the QE program only '1km into the marathon'; not worrying about running out of bonds to buy in their QE program; and not lowering the deposit rate further into negative territory.”
“On the latter two points, as the ECB only buy bonds with yield above the deposit rate, as yields continue to fall further into negative territory they may run the risk of ruling out large sections of the bond market to use, particularly in core countries like Germany where negative yields are already seen out to the 8 year maturity. Fortunately President Draghi is not concerned.”
Key Quotes
“Key points from Draghi included: not contemplating a Greek default scenario (scary); not engaging in talk of amending the QE program only '1km into the marathon'; not worrying about running out of bonds to buy in their QE program; and not lowering the deposit rate further into negative territory.”
“On the latter two points, as the ECB only buy bonds with yield above the deposit rate, as yields continue to fall further into negative territory they may run the risk of ruling out large sections of the bond market to use, particularly in core countries like Germany where negative yields are already seen out to the 8 year maturity. Fortunately President Draghi is not concerned.”