Author: Ryan Littlestone
10

Heads up for an ECB story doing the rounds

Bloomberg have a story out about the ECB communicating the end of QE Our friends at Livesquawk have just repeated a story that's circulating around the wires from Bloomberg earlier this morning. It proclaims that;

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Author: Mike Paterson
1

SNB total sight deposits w-e 17 Feb CHF 543.46bln vs 539.0bln prev

Swiss National Bank sight deposit data now out 20 Feb - domestic deposits w-e 17 Feb CHF 468bln vs 464.5bln prev Rises in both deposit levels suggesting some SNB smoothing last week. Looking at the price action on USDCHF and EURCHF we can't rule out some underpinning as CHF safe-haven demand returned.

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Author: Eamonn Sheridan
1

PBOC sets USD/CNY mid-point today at 6.8743 (vs. Friday at 6.8456)

People's Bank of China OMOs for today: - To inject 70 bn yuan through 7-day reverse repos - To inject 60 bn yuan through 14-day reverse repos - To inject 40 bn yuan through 28-day reverse repos    A much weaker CNY today against the USD

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Author: Ryan Littlestone
10

ECB should be open to rate cuts says ECB's Lane

Bloomberg noting comments to WSJ - Not very likely that the ECB would be able to lower the deposit rate further - No further cut is currently the central expectations            

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Author: Eamonn Sheridan

BOJ’s Amamiya to appear before parliament from 4.40pm Tokyo time (0740GMT)

Masayoshi Amamiya is in charge of the Monetary Affairs Department, Financial Markets Department, and Institute for Monetary and Economic Studies. He is a very big wheel at the bank, he acts for the Governor when the Governor and the first and second officers are prevented from attending to their duties, and performs the Governor's duties during a vacancy in the office of the Governor and the first and second officers.

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Author: Eamonn Sheridan

PBOC sold 208.8bn yuan in forex in January (Reuters calculation)

People's Bank of China forex activities - PBOC sold 208.8bn yuan in forex in January  Reuters using the central bank's data for their calculation China FX reserves have been sliding ... The Bank is not too fussed the yuan has dropped in value, but they do not want it to happen too quick, hence the sale of FX to slow the yuan slide.

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Author: Eamonn Sheridan

RBNZ says upward pressure on NZD may be turning

Reserve Bank of New Zealand  headlines crossing the wires - Reiterates global upward pressure on NZD may be turning - Says again it expects policy to remain accommodative Headlines via Bloomberg

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Author: Adam Button

Fed's Lockhart: Progress towards inflation goal happening sooner than thought

Lockhart on Bloomberg TV - Inflation and retail sales mean economy stronger - Inflation will never be precisely 2% but around there - I find it encouraging that we're moving in the right direction Lockhart retires from the Atlanta Fed in 12 days so his comments have very little impact. That said, you could argue he has real insight into the Fed's thinking.

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Author: Ryan Littlestone

ECB's Coeure: Single market can enhance Europe's influence

ECB's Benoit Coeure speaks in Maastricht He is speaking at the Financial Globalisation workshop so I doubt there's going to be much policy related chat. He joins a panel after the speech so we might get something there.

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Author: Ryan Littlestone
23

When will the ECB admit their failure?

Quick thought on inflation The ECB is ignoring inflation as they believe it's oil/energy based. So let's say that's true and inflation drops back to around 0.5%-0.7% in the headline, and the same in the core. Doesn't that beg the question, what exactly has the ECB got for its €1.5tn in QE? Surely some of this inflation is down to QE, as per the whole reason they're doing it?

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Author: Ryan Littlestone
5

ECB needs to maintain a steady hand

Latest ECB minutes - ECB should stand ready to modify the securities lending facility again - Asset purchases below deposit rate should be kept to a minimum Here's the minutes in full.

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Author: Eamonn Sheridan
3

"BOJ's Kuroda warns low rates may sow seeds of new financial crisis"

Kuroda's comments were earlier, Reuters with a bit of a recap: - Bank of Japan Governor Haruhiko Kuroda said low profitability at financial institutions could sow the seeds of a new financial crisis, offering his strongest warning to date of the demerits of aggressive monetary easing pursued by major central banks. worth reading if you are losing sleep about bank profitability.

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