Euro falls as ECB floods market with cheap cash
Markets at first responded positively to what some analysts say amounts to quantitative easing, but later, frightened by the voracious appetite of EU banks, sent the euro down against other major currencies, and European stocks fell.
The take-up of unlimited three-year funds from the ECB’s longer-term refinancing operations broke all bank records, being the greatest sum allocated in a single liquidity offer. It was considerably higher than the €300bn some analysts had predicted.
