"So overall, the ECB continues to be optimistic on the impact of its
measures and likes the improvement it is seeing in the data and lending
surveys, but not enough to significantly shift their overall message.
There was no mention of a review to broaden the assets eligible for SSA
purchases, but this may still follow in the non-policy meeting later
this month".
"Overall, this provided minor support to both fixed income (no
bubble means buy bonds) and EURUSD (uncertain passthrough of weaker
currency to inflation means maybe weaker EURUSD doesn’t help)".
"Nothing here changes our view that bunds should continue to
trade in a range capped at around 30bps for the next 3-6 months and
EURUSD should trade below parity by 2015Q3".