- ECB buys EUR 9.8 billion of assets during first 3 days of QE plan
- EUR/USD 1.0906-1.0494 in that period
- EUR 50.2 bln still to buy in March
- Massive headwinds for EUR even with speculators so short
- 10 year US/Bund spreads narrows just 4 bp from trend wide, 2's at trend wide
- Good cause seen to sell into EUR/USD strength






