Intraday Market Thoughts

ECB, Fed Let Euro Down

by Ashraf Laidi
Aug 2, 2012 18:41

Draghi initially re-ignited expectations of imminent action when he directly hinted at re-activating bond purchases in the secondary market (mainly on the short end of the yield curve) and forecasted inflation to fall below 2%. But the market started turning around when Draghi reminded of the ECBs inability to purchase bonds in the primary market and the need for EFSF to receive unanimous eurozone approval in order to obtain the license to raise funds from the ECB. SEE HERE on why Euro remains most vulnerable to non-farm payrolls after Fed/ECB inaction


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