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While the ECB’s first mass injection back in December was widely regarded as a success, the results of the second round will be watched even more closely. The exact size of the operation is still unknown, but most analysts believe it will be around 500 billion euros.
“The size of the participation may be an important factor in assessing the market's response ,” wrote Marc Chandler, global head of currency strategy at Brown Brothers Harriman. “The general view seems that the larger the participation, the better for risk assets, including the euro.”
“Even if this assessment is true, we should expect the markets to respond differently to what very well may be the last LTRO than the first,” continued Chandler. “’Buy the rumor, sell the fact’ may not quite capture this point, though that remains a risk as well.”
Fed, Economy & More
Federal Reserve Chairman Ben Bernanke is scheduled to deliver his semi-annual testimony on monetary policy to Congress (colloquially known as the Humphrey Hawkins speech) on Wednesday, speaking before the House Financial Services committee at 10am ET.
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