Important ECB meeting today

Although bond yields eased a little, equity markets continued their downward correction yesterday and the trend continued in Asia. 

The inflation rate in China eased to +0.8%, but producer prices continued to accelerate, which could make it difficult for the central bank to relax its measures restricting credit distribution. 

The ECB meeting is the event of the day. The market seems to be anticipating the announcement of a reduction in ECB securities purchases, but we find it difficult to envisage the ECB reneging on the conclusions of its policy review one month after it began implementing them.

One way or another, the ECB should appear more dovish than the market expects, which could pull rates down and amplify the rebound of the dollar against the euro (1.1825 this morning). Also to be watched is the US jobless claims.

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