The ECB has provided risk another boost as it extended its asset purchase programme by at least another nine months. This was broadly expected by the market, but the key to the reaction was that the ECB “stands ready to increase the APP in terms of size and/or duration”. The market took this as in effect a continuation of an open-ended commitment where the ECB stands ready to extend QE further if required. The move boosted demand for Bunds, pulling the 10 year Bund yield 5 basis points lower on the day and coming as Treasury yields continued to push higher this dragged the euro below the key lows of August to reach a ... (full story)