Daily Alert – Thurs 12 Sept: Draghi’s farewell – cuts interest rates and re-introduces QE

Mark NugentDaily Alert, Sept 2019

Daily Alert – Thurs 12 Sept: Draghi’s farewell – cuts interest rates and re-introduces QE

More reasons to be cheerful with China announcing ariff exemptions and Trump delaying tariff increases by a fortnight.

Meanwhile, over at the ECB, Draghi, in his last rate meeting, reduces the deposit rate by 10 basis points. This is not the key refinancing rate that moves the currency, and the EUR actually rises. More importantly, he re-introduces QE at the rate of EUR20B/month. This is quite remarkable and shows significant concern about the Eurozone economy. The EURO50 shoots up but quickly reverses as the markets expected a larger monthly sum. Other equity indices follow the EURO50 but now most are rising again.

On FX, only the AUD and JPY are acting wholly predictably.

Half my Japan225 closes for 2 x risk and the other half iremains live.

Have a great weekend when it comes and I’ll be back on Monday. In the meantime, if anything of note happens, I will let members know via WhatsApp.

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