Coeure - ECB ready to do more

December 9, 2016

ECB board member Benoit Coeure commented the yesterday decision in a radio interview. The central bank announced QE tapering stressing that it does not mean less engagement. Mario Draghi somehow managed to sell this idea to the market. Coeure is also speaking in a dovish tone despite just having taken the first step towards policy normalization

ECB is ready to do more of necessary
the decision shows confidence in european economy
the health of the economy is improving but still needs support from the ECB
ECB sees risk of protectionist pressures in Europe (suggesting that the bank will remain cautious)
France is lagging in terms of growth
France needs to respect the Eurozone fiscal rules (ECB actually continuously calls for some support from fiscal policies, but in the form of structural reforms, not just any spending)

The first attempt today of EURUSD to rise from the enviorons of 1.06 is quickly being reversed.

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