Unanimous ECB buoys markets - The ECB left their refinancing, deposit and marginal lending rates unchanged at 0.05%, -0.2% and 0.3% respectively at their...

David Scutt

Scutt Partners

Unanimous ECB buoys markets - The ECB left their refinancing, deposit and marginal lending rates unchanged at 0.05%, -0.2% and 0.3% respectively at their November policy meeting. In his accompanying press conference President Mario Draghi stipulated that 'they will soon start to purchase asset-backed securities' which 'together with the series of targeted longer-term refinancing operations to be conducted until June 2016, will have a sizeable impact on our balance sheet, which is expected to move towards the dimensions it had at the beginning of 2012'. Scuppering rumours of discord amongst the ECB governing council, at least temporarily, Draghi stated that the decision was unanimous amongst all members. Along with noting the divergent policy paths of major central banks, both now and in the future, the news saw the Euro weaken sharply and sent equity markets to fresh session highs. (VIEW LINK)


David Scutt
Independent Market Strategist
Scutt Partners

David is a Director of Scutt Partners Pty Ltd and has successfully worked in the financial services markets over the past 12 years with both large and smaller banking groups. He has provided strategic financial analysis for currency and interest...

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