The ECB tapering? — BNP Paribas

The ECB’s decision on Thursday, is a highlight of the next week

BNP Paribas FX Strategy Research deals with the EUR prospects of next week’s ECB meeting

The ECB takes centre stage next week, with, at its meeting scheduled for Thursday, when he is widely expected to announce plans for asset purchases beyond December.

Our economists expect a commitment to purchase 30 billion EUR per month (compared to EUR 60bn) for a period of six months. With recent reports suggesting that the 9-month extension is being discussed, a result in line with our expectation can be regarded as marginal «hawkish».

However, we see limited scope for the EUR to benefit from the announcement, given the extent to which the tapering of purchases has already been integrated in the courses.

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