Mario Draghi, declared the intentions of the ECB were to keep rates low, well after the bond-buying program has ended. Draghi stated this was important to keep borrowing costs at bay and promote solid growth within the Eurozone. The EUR/USD rate, is still in the 1.18 region losing 20bps today. The big ECB rate decision will be in 2 weeks which officials will determine the reviewing its stimulus package and the monetary policy. Fairly little activity in the stock markets pursued this, Dax ended up 9bps higher with the CAC 3bps down. Whilst the IBEX 35 was flat, there were signs of concern with respect to the Catalan independence talks, namely Spain giving Catalan to drop independence within 8 days, then Catalan president accusing Rajoy for ignoring his calls and finally the Spanish finance minister claiming the Catalan policies as “insane”. This doesn’t look good for an amicable solution being reached any time soon! The GBP rose against the dollar even with the slowing consumer report.