FxWirePro: Daily Commodity Tracker - 21st March, 2022 
The ECB Council has just finalised the legal framework for the bond purchase programme.
It will thus start buying bonds next week, the aim being to spend a total of €60bn each month - €40bn on government bonds, €4bn on bonds from public agencies such as KfW, €6bn on bonds issued by EU institutions and €10bn on covered bonds and ABS.
The scheme is intended to run until September 2016, but can be extended, for example if neither inflation nor market-based inflation expectations rise as the ECB hopes.
Commerzbank notes in a report on Friday:
- The ECB will launch its QE programme on Monday.
- Reactions are more likely from EUR-USD and the DAX, for which we have raised our year-end forecast.
- We have also raised our 2015 German GDP growth forecast to 1.8%, up from 1.5%, primarily due to the depreciation of the euro
