Derek Halpenny at Bank of Tokyo-Mitsubishi UFJ published a note early on Monday whose title made his opinion plain enough: Massive policy shift will only temporarily lift EUR. Halpenny highlighted the about-turn by the ECB as early as Thursday about a bond purchase programme and the panic (my word) reinstatement of fixed-rate tenders and dollar liquidity swap lines to conclude: “These are clearly astonishing shifts from both eurozone officials and from the ECB that appear a clear attempt to shock the financial markets back into normal functioning.
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