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Bunds/BTP Resistance Holds On Rtrs Citing In-Line ECB PEPP Target

EGBS

Bunds slightly off session highs / BTP spreads off lows, after Reuters cites PEPP target of E60-70bln (with flexibility) which is broadly inline with expectations, but possibly letting down those looking for a larger number

  • Piece goes on to write: "The sources said the ECB's Governing Council agreed on a specific target for its Pandemic Emergency Purchase Programme within that range but was keen to give itself flexibility to buy more or less based on market conditions."
  • Bunds had just been testing resistance at 172.29 (Tuesday's high), briefly touching 172.34, but last trading 172.22.
  • Likewise BTPs have failed to break resistance at 154.45 (Sep 2 high), touching 154.52 high - last 154.32.
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