ECB

The US dollar is marginally softer as North American players return to their posts. The better-than-expected official Chinese manufacturing PMI (53.1 from 51.0 in Feb and consensus for 50.5) saw steeper losses in the greenback, but the…

There are several developments that warn of future problems in the euro zone and these make us suspicious about the euro's ability to sustain the upside break.

The three-year loans will carry an interest rate initially of the benchmark rate of 70 bp.

The LTROs may have helped ease this year's roll-over risk (Spain has met almost 50% of this year's refinancing needs). But they have not substantially altered the market's views of the risks of an eventual restructuring.

Germany and Papademos have ended Greece’s political sovereignty, but Greece gave up its economic sovereignty long ago when it adopted the euro. Two aspects of national economic sovereignty were inherently lost with nations that gave up…

Here is a video of my latest appearance on Capital Account with Lauren Lyster. We spoke specifically about the situation in Europe; and that means Greece in the first instance. We also talked a lot about the ECB's LTRO program which I see…

In an entirely fraudulent paper chase, the banks that borrowed LTRO money put some of it to work in sovereign carry trades. The banks have borrowed at 0.25% from the ECB and are buying sovereign bonds with much higher yields. Intesa…

That Weidmann now wishes to publicly claim he is concerned about risk associated with the Bundesbank's Target2 credit does not simply mean that this is a truth that has now been "acknowledged". I would guess that the sober Bundesbank…

This was the question put to the ECB's Klaus Masuch by one persistent Irish journalist. The answer from Masuch was a complete dodge, a non-answer, because everyone knows that the Irish government has heaped what rightfully should be…

The US dollar is trading on the back foot against most EMs and the dollar bloc currencies but is firming against some European currencies after the release of the ECB’s second LTRO in which 800 banks took down €529.5B, slightly above…