ECB: to keep its asset purchases open-ended? - BBH

Analysts at Brown Brothers Harriman explained that a press report, citing an unspecified official, suggested that the ECB wants to keep its asset purchases open-ended.  

Key Quotes:

"If it is, this would be seen as dovish even though no one believes it will be exercised.  

It would be seen as a sign that the tapering and fuller exit may be more protracted than currently anticipated."   

"Barring an offset, we suspect the euro may be sold on such a development. However, given our reading of market sentiment, the real money flows that still seem to see European equities as better value than the US, and the diminished US interest rate premium, especially at the long-end of the curve, suggests the participants are inclined to buy the euro on pullbacks."