Independent Strategy

ECB – dream ticket

The ECB’s QE package delivered. It was bigger than expected, broad in range and for a kicker the TLTRO terms were also adjusted. The backdrop reinforces our short euro view and should be good for Eurozone government bonds (especially the longer-end) and the regions equity markets. More broadly, we think flows will add to Swiss franc appreciation pressure versus the euro, boost gold and encourage investors to seek out countries that offer growth and yield, such as Australia where we add long bond positions.

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