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Bunds rally, periph spreads tighten on ECB purchase pace comments

ECB

The most significant part of the ECB policy decision was that "the Governing Council expects purchases under the PEPP over the next quarter to be conducted at a significantly higher pace than during the first months of this year."

  • Bunds spike 40 ticks higher with the short-term key resistance of 172.09 holding for now (high of March 3).
  • Peripheral spreads have tightened.
  • BTP futures have broken above the 150.00 key resistance level (also breaking the 149.95 61.8% retracement of the Feb 12-26 sell-off). Next big level is at the all time high of 151.88 (reached on Feb 12).
  • Reaction in the euro smaller (as expected), with EURUSD knee jerk 20 pips lower to 1.1943, still well above the days low of 1.1916, but now only around 10 pips lower around 1.1953 at writing.
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