ECB’s Villeroy says they must reduce QE intensity, stay accommodative

ECB governing council member and BOF governor Villeroy on the wires 28 Sept

  • ECB can keep accommodation while cutting purchase flow
  • ECb must be pragmatic in reducing QE intensity
  • neg interest rates have their advantages
  • EUR strength offset by strong domestic demand
  • mon pol is only one factor in euro rise
  • we continue to monitor fx rates

Repeated gentle/cautionary tones from Villeroy.

EURUSD steady around 1.1780 , EURGBP 0.8778, EURJPY 132.72 as we wait on German CPI at the top of the hour.

   BOF’s Villeroy- QE reduction must be pragmatic

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