European central banks stick to the script

No surprises out of the ECB or the BOE last night. The ECB might contribute in some small way to a Greek debt restructure but he again reiterated that the ECB cannot take losses on its debt holdings. The BOE did exactly as the market expected with the GBP50 billion increase in QE. Little wonder that the majors are pretty much unchanged, perhaps that’s why the market turned its eyes to the Yen.