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Moves triggered by the meeting announcement

ECB
  • BTP spreads the biggest movers - 27bp tighter on the day at writing at 213.7bp.
  • Bund futures off their overnight lows, but still down 50 ticks on the day at 143.09.
  • EURUSD up around 50 pips since the news broke to 1.0485 at time of writing, moving above yesterday's high.
  • Euribor Sep-22 contract down 7.0 ticks on the day, other Whites down 5 ticks, and then Reds/Greens/Blues down 2.5-5.0 ticks on the day.
  • Note that the peripheral spreads are the biggest movers as Schnabel's speech yesterday said the ECB would have "no limits. And our track record of stepping in when needed backs up this commitment."

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