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EUR: How To Position If ECB Goes Negative On Depo Rates Next Week? - Citi
The prevailing market view seems to be that the ECB will cut the main refi and deposit rates and will introduce additional liquidity measures – e.g. suspend the sterilization of SMP - next week, notes CitiFX. "The view may also be largely in the price by now, given the four-big figure EURUSD selloff and the drop in euro money market rates in recent weeks. This conclusion is confirmed by our positioning gauges which suggest that investors are running extensive EUR-shorts at present," Citi adds. "We would argue that the potential introduction of negative deposit rates may have a stronger impact on EUR than currently ... (full story)
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