EUR: weak reaction to TLTRO
TLTRO: 82.6B euro
The ECB announced that the European commercial banks applied for 82.6B euro in the first round of targeted long-term refinancing operations (TLTRO).
Earlier FXBAZOOKA.com reported that, according to the experts, the reading less than 150 billion will be negative for EUR. Still it seems that the market doesn't really know how to react to this piece of news: EUR/USD is trading below $1.2900, but there's no substantial decline on the release.
Don't the European banks need money? Perhaps the banks don't hurry because they know that there will be other TLTROs in future. In addition, a lot of negative factors are already priced in EUR/USD.