• Doesn’t expect more 3-yr LTRO needed

That’s another rebuke to the executive board from a member of the governing council on bond buying. 2- executive council members (Coure and Gonzalez-Paramo) have reminded markets that the program could be revived this week while two members of the governing council, made up of national central bankers have pushed back (Orphanides and now Knot).

This is about as close as you get to open warfare within the ECB.

Bring it!

EUR/USD breaks 1.3100/05 on the comment. Modest support at 1.3090.