All good for euro area liquidity... for now
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ALL GOOD FOR EURO AREA LIQUIDITY… FOR NOW
Liquidity conditions are still ample in the euro zone after yesterday's Main Refinancing Operations (MRO) by the European Central Bank.
ECB data showed the central bank allotted 1.9 billion euros ($2.12 billion), which is on the low side compared to earlier this year.
But ING rate strategists use the Bank of England's short-term liquidity facility, which has seen uptake rise to around 44 billion pounds from around 1 billion in a matter of months, as an example of what might lie ahead for the euro zone.
"The pace of quantitative tightening has been relatively steeper in the UK, but nevertheless, the tightening may be an omen of what is to come in the euro zone," they say.
"Having said that, the tweak to the European Central Bank's MRO rate now provides a cheaper backstop in case of a sudden tightening of conditions, limiting the upside risk of market rates," they add.
The ECB wants to wean banks off free cash, but it will try to do that at a gentle enough pace not to disrupt the financial system or credit creation. It will aim to keep overnight interbank interest rates "in the vicinity" of the rate it pays on bank deposits, currently 3.5%.
(Stefano Rebaudo)
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EARLIER ON LIVE MARKETS
NOVO WEIGHS, AWAITING THE FED CLICK HERE
EUROPE BEFORE THE BELL: THE FED, MIDDLE EAST AND UK CPI CLICK HERE
TRADERS STILL GUESSING IN FINAL FED COUNTDOWN CLICK HERE
($1 = 0.8983 euros)
EU open https://tmsnrt.rs/4d9zugf
INGMRO https://tmsnrt.rs/3XxTfbk
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