ECB’s SMP Takes a Dive

01/30/12 05:04PM EST

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

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