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Thread: Ecb account of the monetary policy meeting

  1. #1
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    Ecb account of the monetary policy meeting

    Mr Cœuré reviewed the latest financial market developments.

    Since the Governing Council's previous monetary policy meeting on 8-9 March 20 17, longer-term US and euro area government bond yields had been on a declining trend before reversing some of their earlier decreases as of mid-April, while equity markets had remained buoyant.

    Despite this reversal, yields on ten-year US Treasuries and ten-year German government bonds remained below levels observed following the March meeting. In the same time, intra-euro area sovereign credit spreads had narrowed amid measurable volatility for some jurisdictions. Since actions in the short end of the yield curve had been less pronounced, the steepening of produce curves noticed since September 20-16 were partly reversed in particular in the porelegans States, in previous months.

    Two principal aspects were likely to have weighed on the level of sovereign yields. The element linked to uncertainty within the global development outlook. While economic sentiment remained extremely good general, a notable split in the stream of good economic information surprises across some G 10 jurisdictions was observed in the porelegans States, particularly within the prior previous couple of months. Moreover, the range of US growth forecasts for the firstquarter of 20 17 had widened, which reflected improved uncertainty.

  2. #2
    Mr Cœuré reviewed the most recent financial market changes.
    In its previous monetary policy meeting on 7-8 June that the Governing Council was facing a financial marketplace landscape characterised by rising stock prices and bond yields. Since that time there was a correction in comparative valuations, which seemed to have converged at a manner, signalling increased confidence in the outlook across market segments.
    In euro area sovereign bond markets, quasi-risk-free government bond yields had increased measurably on Central Banking in Sintra on 26-28 June. This adjustment took place from very low return levels. Before 26 June ten-year German government bond yields were trading at approximately 25 basis points -- marginally below the yield and significantly below levels seen.
    Regardless of the movement in the end of the German government bond yield curve, the curve had stayed flatter than in the peak as an upward movement in short-term yields had been recorded, observed in March 2017. In March 2017 yields were presently trading near # 820960 basis points, and had reached levels close to # 8209100 basis points. This growth reflected receding the unwinding of flows and political uncertainty to the German government bond market.

  3. #3
    Taking into consideration the foregoing debate among the members, on a proposal by the President, the Governing Council decided to keep the interest rates on the Eurosystem's most important refinancing operations, the marginal lending facility and the deposit facility unchanged at 0.00 percent, 0.25 percent and #8209;0.40% respectively. The Governing Council expected the key ECB interest rates to stay for an extended period of time, and beyond the horizon of the asset purchases at their current levels. With regard to non-standard monetary policy measures, the Governing Council confirmed that the net asset purchases, at the present monthly rate of $60 billion, were intended to run before the end of December 2017, or beyond, if needed, and in any event prior to the Governing Council saw a sustained adjustment in the course of inflation consistent with its inflation aim. The purchases could be made alongside reinvestments of the payments. If conditions became inconsistent with advancement towards a alteration in the course of inflation, or if the prognosis became favourable, the Governing Council stood ready to boost the programme in terms of duration or size.

  4. #4
    Thus, Mr Praet proposed to keep the ECB monetary policy stance unchanged, maintaining all the components of the Governing Council's forward guidance on the anticipated route of the key ECB interest rates and on its own monthly purchases under the asset cost programme (APP).

    What do you believe? ...

  5. #5
    Is it bullish ? This was anticipated since yesterday YES but nevertheless Bearish

    I'm seeling Eur-GBP from today and until Friday close

  6. #6
    The truth is if you are not Very careful you hit on the ROCK and That There is Severe manipulation in FX before Dealers will Find the news Marketplace had responded

  7. #7
    True newdepius !! :--LRB- That is why better to brief EurGBP cause it has hardly any space to go up now

    I stayed for a while away from EURUSD

  8. #8
    Mr Cœuré reviewed the most recent financial market changes.
    In its monetary policy meeting on the Governing Council was facing a marketplace landscape characterised by increasing stock prices and falling bond yields. Since that time there was a correction in comparative valuations, which seemed to have converged at a manner, signalling improved confidence in the outlook across market segments.
    After the ECB Forum government bond yields had improved in euro area sovereign bond markets on Central Banking in Sintra on 26-28 June. This modification took place from very low return levels. For instance, before 26 June German government bond returns had been trading at around 25 basis points -- significantly and marginally below the yield below levels seen.
    Moreover, despite the recent upward movement in the long end of the government bond yield curve, the curve had stayed flatter than in the summit as an upwards movement in short-term returns had been listed found in March 2017. In March 2017 two-year yields had briefly reached levels near #8209100 basis points, and were trading near #820960 basis points. This development likely represented receding political uncertainty and the unwinding of flows into the government bond market.

  9. #9

  10. #10
    Taking into account the foregoing debate among the members, on a proposal from the President, the Governing Council decided to maintain the rates of interest on the Eurosystem's main refinancing operations, the marginal lending facility and the deposit facility unchanged at 0.00%, 0.25% and #8209;0.40% respectively. The Governing Council expected the key ECB interest rates to remain for an elongated time period, and beyond the horizon of the net asset purchases. With regard to non-standard monetary policy measures, the Governing Council confirmed that the net asset purchases, at the current monthly rate of $60 billion, have been intended to run until the end of December 2017, or beyond, if needed, and in any event until the Governing Council saw a continuing alteration in the course of inflation consistent with its inflation goal. The purchases would be created alongside reinvestments of the principal obligations. If the outlook became less hierarchical, or if conditions became inconsistent with advancement towards a adjustment in the course of inflation, the Governing Council stood ready to increase the programme in terms of size and/or duration.

  11. #11
    Thus, Mr Praet proposed to keep the ECB monetary policy stance unchanged, maintaining all of the components of the Governing Council's forward guidance on the anticipated path of the key ECB interest rates and on its own yearly purchases under the asset cost programme (APP).

    What do you think? ...

  12. #12
    Quote Originally Posted by Grumpyyuski ;
    Bullish or Bearish ?
    :: Nothing new

  13. #13
    How is it bullish ? This was expected since yesterday YES but still Bearish

    I am seeling Eur-GBP from now and until Friday close

  14. #14
    It seem positive comment. Should have bullish impact )

  15. #15
    The truth is That There is Severe manipulation in FX before Dealers will Find the news market had responded and if you Aren't Very careful you hit on on the ROCK

  16. #16
    Authentic newdepius !! :--LRB- This is the reason better to short EurGBP make it has very little space to go up now

    I stayed away from EURUSD for Some Time

  17. #17
    Mr Cœuré examined the latest financial market developments.
    In its previous monetary policy meeting on 7-8 June that the Governing Council was facing a marketplace landscape characterised by rising stock prices and bond yields. Since then there was a correction in comparative cross-asset valuations, which appeared to have converged in a fashion, signalling improved confidence in the outlook across market segments.
    Following the ECB Forum , quasi-risk-free government bond yields had improved in euro area bond markets on Central Banking in Sintra on 26-28 June. This adjustment took place from very low yield levels. For example, prior to 26 June German government bond returns were trading at approximately 25 basis points -- somewhat below the normal yield detected in 2017 thus much and significantly below levels seen.
    Despite the movement in the end of the German government bond yield curve, the curve had stayed flatter than in the peak within an upward move in returns had also been listed, observed in March 2017. In early March 2017 two-year yields had reached levels near #8209100 basis points, and so were trading near #820960 basis points. This growth reflected receding uncertainty and the related unwinding of safe-haven flows to the German government bond market.

  18. #18

  19. #19
    Taking into account the foregoing discussion among the members, on a proposal from the President, the Governing Council decided to maintain the interest rates on the Eurosystem's most important refinancing operations, the marginal lending facility and the deposit facility thrived at 0.00 percent, 0.25 percent and #8209;0.40% respectively. The Governing Council expected the ECB interest rates to stay for a protracted period of time, and beyond the horizon of their net asset purchases at their present levels. With regard to non-standard monetary policy measures, the Governing Council confirmed that the net asset purchases, in the current monthly pace of $60 billion, have been meant to run until the end of December 2017, or beyond, if necessary, and in any case until the Governing Council saw a sustained adjustment in the path of inflation consistent with its inflation goal. The purchases would be made alongside reinvestments of the payments. If financial conditions became inconsistent with advancement towards a continuing alteration in the path of inflation, or if the prognosis became favourable, the Governing Council stood ready to boost the programme.

  20. #20
    Quote Originally Posted by Grumpyyuski ;
    Bullish or Bearish ?
    ::down than up

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