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Nov 04 - 02:55 PM

EUR: The Journey Back From PEPP To APP - TD

By eFXdata  —  Nov 04 - 01:30 PM

TD Research discusses its expectations for the ECB policy trajectory.

" The ECB's PEPP phase is set to end with focus turning to how the conventional APP framework could be modified in 2022. We believe that the ECB is likely to adopt a cautious approach in addressing the flexibility that will be inherited by the APP programme so that its "proportionality assessment" does not get questioned by the German Constitutional Court," TD notes. 

"We expect APP to follow a fixed monthly pace, unlike the flexibility in the pace of PEPP purchases. That said, if the ECB is still uncertain about the outlook at the December meeting, a flexible approach could possibly be used in 2022. Meanwhile, capital keys are likely to remain the key anchor for purchases," TD adds. 

Source:
TD Bank Research/Market Commentary

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