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European Central Bank's (ECB) executive board member's speech on monetary policy and lower bounds of interest rates have unsettled the market with Euro taking massive hit, while bund and stocks move up.
- Euro is currently trading at 1.118, down almost 150 points from today's high above 1.13.
- German DAX is up nearly 2%, while Eurostxx50 is up by 1.78%.
- German 10 year bund is trading at 154.6, up 0.77%.
Key communication from Cœuré and Noyer -
- French economist and ECB executive board member Cœuré shrugged off recent selloffs in bond market as normal correction, however expressed concern over rapidity of selloffs and extreme volatility.
- The duo in separate speech suggested that ECB stands ready to extend its asset purchase program if situation demands so.
- Mr. Cœuré also suggested that ECB will accelerate the purchasing before summer which can be later adjusted during September.
Message of purchase frontloading did the trick for European assets. However all of these were indicated beforehand by European Central Bank's (ECB) president Mario Draghi.
Euro now stands vulnerable to cues from dollar, stronger economic release would push it further lower. However in spite of today's massive sell off it can't be said that longer term downtrend has resumed.
