Global factors continue to dominate Japanese Yen: Barclays
Jul 19, 2015 20:48 pm UTC| Commentary Central Banks
Driver of the yen remains outside Japan as the BoJ remained sidelined at the last weeks meeting, whereas the improving risk sentiment and general USD strength brought USDJPY back to 124. Given eased concerns on Greece and...
ECB raises the Greece ELA, agrees on bridge-loan
Jul 17, 2015 07:21 am UTC| Commentary Central Banks
Bridge-loan for Greece agreed, ELA raised by 900m, banks will reportedly reopen on Monday, and the Bundestag will approve the austerity bill today. Something that can go wrong possibly is the Eurostoxx is up 10.7% since 7...
ECB ready to respond to unwarranted tightening of monetary policy
Jul 16, 2015 22:39 pm UTC| Commentary Central Banks
Given the many questions about Greece, statements about monetary policy took a back seat. The ECB President confirmed the need to maintain a steady monetary policy course and ensure full implementation of all monetary...
Jul 16, 2015 21:18 pm UTC| Commentary Central Banks
At todays press conference, there were many questions about Greece, but ECB President Draghi gave only provisional answers. The Council decided to raise the ELA ceiling, but only by 0.9bn over one week. The ECB has...
ECB relieved by recent Greek developments, but still cautious
Jul 16, 2015 20:36 pm UTC| Commentary Central Banks
As expected, the ECB meeting focused on the fall-out from Greece. President Draghi announced the decision to raise ELA funding by 0.9bn for one week (reportedly said at 89.9bn) and said he was sure both the ECB and the IMF...
China helps ECB with dovish bias
Jul 15, 2015 21:07 pm UTC| Commentary Central Banks
At the moment, the ECB would use any argument to support its dovish message. Slower Chinese demand and resulting lower commodity prices are nice anti-tapering elements that should help tame the hawkish side of the Council....
ECB stand ready to limit sustained contagion risks
Jul 15, 2015 20:57 pm UTC| Commentary Central Banks
The ECB are more likely to be reactive rather than proactive in response to the Greek crisis. Should a negative scenario materialize in Greece before the meeting, Thursdays focus will be on how the ECB will react to limit...
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