The ECB’s Coure is reiterating the strength of Europe and the Euro:

  • No shortage of Euro Zone collateral (he didn’t mention how cheap it is …);
  • Recognizes that it is European taxpayers that ultimately bear the burden of the ECB’s risk profile;
  • And watering down expectations for further balance sheet extension, as the ECB has done a lot already.

No changing response from the flows, the USD weakening marginally pretty much across the board.