Market movers today
In terms of data releases we have a quiet day ahead of us. German GfK consumer confidence should continue to trend higher supported by the lower oil price and improvements in the labour market despite weaker manufacturing data during 2014.
Around noon the ECB will announce the last 3y LTRO repayment in 2014 and there is a risk a large amount of liquidity will be repaid before year-end. However, last week's take-up on the TLTRO and the repayment of the 3Y LTRO has had a net injection on excess liquidity of EUR90bn and excess liquidity should remain high over year-end as we only expect banks to repay EUR15bn on the LTRO.
Fed's Lacker (non-voter, hawk) and Evans (non-voter, dove) are scheduled to speak. While Evans makes opening remarks, Lacker will speak on the economic outlook and he is more likely to elaborate on his view on the decision at the FOMC meeting.
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