ECB’s Asmussen on Securities Market Program
* ECB cannot use its bond-buying program to prop up troubled euro zone states forever
* governments bear the main responsibility for fighting the debt crisis
* The SMP (Securities Markets Program) is neither unlimited nor can it last forever
* sees no inflationary danger from the SMP program, goal of the SMP is to improve market conditions
* ECB has a mandate to contribute to the stability of financial markets
* This crisis is not a euro crisis but rather a crisis of state debt
1-19 Economic Calendar
Swiss PPI rises 0.3% in December, a 0.3% decline was expected
Usd/Chf trades at .9525, unaffected by number.
E/Z trade surplus for Nov. at EU6.1 bln vs. 0.7 bln estimate
Eur/Usd up slightly to 1.2835 since release.
UK PPI weaker than expected
PPI Input m/m came in at -0.6%, weaker than the 0.0% estimate.
PPI Output m/m came in at -0.2%, weaker than the 0.1% expected.
Gbp/Usd lost 10 points to 1.5345 upon release.
Spanish banks ECB borrowings rise by EU21 Bln from Nov. to Dec. (EU98 bln to 118.9 bln)
Eur/Usd feels affects of news dropping to 1.2836.
1-13 Economic Calendar
E/Z Industrial Production drops 0.1% in Nov. vs. -0.2%
Eur/Usd came off 10 points to 1.2740 on news and has retraced back to 1.2750.



