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EUR/USD update (13th Aug 2012, 14:00)

Expectations surrounding ECB bond-buying continue to buoy the single European currency, as investors shrugged off comments over the weekend from the governor of the Belgian central bank.

The dominant narrative of the past week has been that the ECB will step in to the Spanish and Italian bond markets in due course, providing a reason to be more upbeat about the future of the euro. The prospect of the use of the ‘Big Bazooka’ is a reassuring one, given that the ECB is perhaps the one institution with the firepower to hold off Armageddon in the eurozone.

Over the weekend, however, Belgian central bank governor Luc Coene said that purchasing Spanish and Italian bonds would not be the correct way to solve the crisis. For now, markets appear to be ignoring his comments, but signs of dissent are not conducive to risk appetite. Many had begun to believe that Mario Draghi had finally won over the doubters before the latest ECB meeting, but it appears resistance to mass bond-buying lingers. 
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EUR/USD update (13th Aug 2012, 14:00)

Expectations surrounding ECB bond-buying continue to buoy the single European currency, as investors shrugged off comments over the weekend from the governor of the Belgian central bank.

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