So overall an interesting speech by Lane. He....>

ECB: So overall an interesting speech by Lane. He believes that in spite of all

of the ECB's recent monetary policy measures and the fiscal measures, financial

conditions are still tighter now than they were pre-Covid.

- For further easing asset purchases are preferred to negative rates.

- He also makes the point that uncertainty is going to be around some time. He

argues that the pace of the initial end of lockdown rebound will not necessarily

telling us anything about the rebound over coming months, consumer confidence

remaining shaky and uncertainty around fiscal stimulus being the most pertinent

factors.

- Not too much initial reaction in Bund futures as most of his statements are

not actionable in the near-term. Next support for Bund futures at 174.80 (June

17 low) with resistance at 176.37 (June 22 high)