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.
Matthew Hedrick
Senior Analyst
