The USD is mixed into the open. The Asian and European sessions were central bank focused with several important developments. The Norges Bank unexpectedly cut interest rates on the back of lower oil prices; the SNB left rates at 0% and the EURCHF floor at 1.20, noting that deflation risks have increased; the ECB’s TLTRO had a slightly lower than expected allotment of €130bn, increasing the risk of a broader asset purchase program and the BoE announced additional transparency. There was limited global data. Bond yields are generally lower, with German yields reaching new record lows; equity markets are weak—though the futures are pointing to a positive NA open and risk aversion is elevated.
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