ECB executive board member Mersch speaking in Luxembourg 26 Jan

  • ECB tries to minimize side effects of QE
  • unconventional policies needed on temp basis
  • QE not the only factor affecting repo market
  • ECB mandate is clear, to deliver price stability

And keep euro on the back foot and try and get inflation cranked back up but hoping that energy costs will do most of the job cos the rest of their policy not exactly firing on all cylinders so far.

Meanwhile EURUSD 1.0725 from 1.0713 lows and still impacted by EURGBP and EURJPY cross plays