Independent Strategy

The trillion euro question

Report Date:  12th June, 2014

ECB President Draghi may have failed to deliver a full-blown QE programme in June. But the market is underestimating the subtleties of what the Governing Council implemented, particularly the new TLTRO programme. If all cylinders fire it could increase the size of the ECB balance sheet by 50%. This compares to a currently shrinking ECB balance sheet. The package should be seen as euro negative and reinforces our expectations for cyclical euro depreciation. We remain short euro versus the US dollar and long Eurozone equities.

To read the full report - Login or Subscribe

SUBSCRIBE
Author:
< Back|All Reports|< Previous   Next >

Login|How to Subscribe|Browse All Reports|About Independent Strategy

In the Media

Confidence in China isn’t coming back
Confidence in China isn’t coming back
David Roche CNBC Asia Squawkbox 08/11/23
David Roche does not think Iran will enter the mideast war, but he lays out scenarios if the conflict were to expand
David Roche does not think Iran will enter the mideast war, but he lays out scenarios if the conflict were to expand
David Roche CNBC Asia Street Signs 20/10/23
The US could slip into recession next year because the Fed seem determined to keep rates high for too long
The US could slip into recession next year because the Fed seem determined to keep rates high for too long
David Roche CNBC Asia Street Signs 20/10/23
China in the next decade
China in the next decade
David Roche Bloomberg TV 27/09/23

Subscribe to our YouTube Channel