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ECB's purchase plan was not quite the 'PEPP' markets needed

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Scramble: The ECB has sought to put last week’s mis-steps behind it

Scramble: The ECB has sought to put last week’s mis-steps behind it

Bloomberg

Scramble: The ECB has sought to put last week’s mis-steps behind it

The European Central Bank (ECB) sought to put its mistakes of last week behind it with a new €750bn asset purchase plan while the US Federal Reserve, the world's most powerful central bank, unleashed its third emergency credit programme in two days.

Markets initially rallied on the ECB news, but many traders' screens soon turned red again as stock markets struggled to reverse recent big losses

Investors sought safety by buying US dollars and dumping other currencies. The British pound added to its already significant losses.


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