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Playlist: Quantitative easing

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0:56
Quarterly Outlook: Credit impulse contraction bad news for growth
Dembik Christopher
03 October 2017 at 10:30 GMT
1:58
Quarterly Outlook: The geopolitical maelstrom – #SaxoStrats
Steen Jakobsen
03 October 2017 at 10:00 GMT
12:35
From the Floor: Risk-off rules as North Korea spooks markets
#SaxoStrats
26 September 2017 at 7:29 GMT
2:42
Draghi can’t talk the euro down — #SaxoStrats
John J Hardy
09 March 2017 at 15:25 GMT
2:05
Just how divided is the ECB? – #SaxoStrats
John J Hardy
19 January 2017 at 10:00 GMT
3:11
Euro crushed under Draghi’s wheels — #SaxoStrats
John J Hardy
09 December 2016 at 12:26 GMT
4:30
Quarterly Outlook video: Queasy and uneasy
John J Hardy
05 October 2016 at 12:05 GMT
4:27
Quarterly Outlook video: Before false gods
Kay Van-Petersen
04 October 2016 at 12:09 GMT
1:44
Quarterly Outlook video: The new mantra
Dembik Christopher
30 September 2016 at 12:06 GMT
1:24
Bank of Japan and helicopter money?: Hardy
John J Hardy
20 July 2016 at 11:54 GMT
1:24
Essential Trades Q3 - It doesn't get bigger: Van-Petersen
Kay Van-Petersen
12 July 2016 at 7:08 GMT
2:28
Euro rises despite ECB delivering more than expected: Hardy
John J Hardy
10 March 2016 at 15:12 GMT
2:36
The ECB survival guide: Fasdal
Simon Fasdal
09 March 2016 at 13:35 GMT
1:59
Fasdal: What could be the ECB's secret weapon for March?
Simon Fasdal
26 February 2016 at 15:02 GMT
3:11
Jakobsen: Negative interest rates could be Fed's choice
Steen Jakobsen
04 February 2016 at 15:00 GMT
Video / 10 March 2016 at 15:12 GMT

Euro rises despite ECB delivering more than expected: Hardy

John J Hardy
Rate cuts and further stimulus from the European Central Bank initially saw the euro drop 1% against the dollar before rising again. Saxo Bank’s John Hardy provides his analysis on why FX traders seem to be dismissing the ECB’s efforts to boost economic growth in the Eurozone.
4y
seas seas
Who has the power to cause a reversal like that? It's hard to believe that the collective mind of all the traders out there suddenly poo-poo the ECB efforts before they have any time to take effect. If everybody thinks bad of the EU economy, I would think the Euro would go down anyway.
4y
seas seas
HUGE volume at 8:55 and 9:10 NY time, then all aboard. I would guess now back to the 109-110 level?
4y
Shazi Shazi
john euro usd now down moor upside tell me
4y
lptrader lptrader
Hi John, Have you seen my post to your previous video? I think the most logical explanation is that we are in a bear market and most important is that the medicine of the central banks no longer works. So we seen, in all assets, a risk off mode after the first impact to the measures present by the ECB.
4y
John J Hardy John J Hardy
Three reasons for euro to rise: 1) Draghi basically said rate cut cycle is done (some would say he has surrendered in the global currency war fight 2) central banks pushing on a string and this is an echo of the BoJ negative rate move that the market so quickly rejected, i.e., nothing the ECB could have done would have impressed unless it was truly new, like helicopter mony and 3) Aggressive credit easing (lending to banks through TLTRO's at negative rates) seen as positive for European growth and could therefore stimulate inflows.

To me, none of these reasons, separately or together, look supportive of the euro much beyond a test of 1.1500 area in EURUSD, if we even get that. Next week key with FOMC on that front.
4y
Shazi Shazi
fomc meeting possibel 1.15 john

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