Markets anxiously await policy actions from the ECB President as he backs his vow “to do whatever it takes to protect the Euro” at the monetary policy meeting today. Key measures playing on the minds of the policymakers include the reactivating of the ECB’s bond buying programme. Markets are also eyeing the ECB’s stance on providing a banking licence to the Eurozone bailout fund.
Meanwhile, the Fed refrained from providing hints on QE3 yesterday and led high yield currencies lower. However, it has left the door ajar by indicating that further economic weakness would be countered by fresh stimulus. At home, the BoE is expected to follow suit today by leaving its monetary stance unchanged.
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