• It's Coming...

    MARKET EDGES

    Identify global risks and opportunities with essential macro intel using Hedgeye’s Market Edges.

Positions in Europe: Short EUR-USD (FXE)

 

As a follow-on to our note today titled European Banking Monitor and EUR/USD Update, here we include that the ECB's secondary sovereign bond purchasing program (SMP) bought a mere €63 Million in the week ended 1/27 versus €2.243 Billion in the week ended 1/20 to take the total program to €219.0 Billion.  This light figure comes as a surprise, especially given the relatively strong bond auctions last week, particularly from the periphery.

ECB’s SMP Takes a Dive - 1. SMP

Matthew Hedrick

Senior Analyst