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Sep 13 - 02:55 PM

EUR: ECB Set For Another December Recalibration - Nomura

By eFXdata  —  Sep 13 - 01:30 PM

Nomura Research discuses its expectations for the ECB policy trajectory.

"We maintain our ECB view as follows:

1- We expect the ECB to use its PEPP envelope in full — on our expectations it should be exhausted by the first week of April 2022 — and end the programme thereafter. We do not think the ECB will expand its PEPP. 

2- In our view, the ECB will increase the pace of its APP purchases from €20bn per month to €40bn per month in December 2021. We expect it to implement higher purchases from the start of Q2 2022, when the PEPP will come to an end," Nomura notes. 

"3- In order to stabilise markets as the PEPP comes to an end, we think the ECB will announce in December an additional €140bn temporary APP envelope, to be used flexibly over time depending on market conditions, from the start of April until end-2022," Nomura adds. 

Source:
Nomura Research/Market Commentary

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