ECBのQEとマーケットの反応4つのポイント

お待ちかねのECBによるQE(量的緩和)プログラムの詳細がついに発表されました!
マーケットはもちろん機敏に反応しています。
そんなマーケットと、今後のユーロについて4つのポイントをまとめてみました。

1-驚愕のQEプログラム

量的緩和の新時代へようこそ!スーパーマリオことマリオ・ドラギ総裁は我々の高い期待通り、EUの歴史的公約を今朝発表しました。彼はほぼ誰をも失望させることはなく、欧州中央銀行(ECB)は1.1兆ユーロ(約1.3兆ドル)規模の資産購入プログラムの一環として、政府債の買入を検討しています。

基本的には無制限に拡大された月600億ユーロ(約700億ドル)の公私債買入プログラムを開始することになっており、これは少なくとも2016年まで続くとのことです。

ほとんどのアナリストが月に500億ユーロほどの規模のプログラムを想定していたため、ECBの発表は少なからずマーケットを動揺させました。

今回のQEはかつてFRB、日銀、そしてBOEが既に取り組んできた試みと似たようなもので、栄えあるスーパーマリオもようやく彼らに追いついたことになります。

2-インフレ率2%を目指す

ドラギ総裁は今回のQEによる「衝撃と畏怖」(Shock and awe)よってインフレ率を2%または若干下にするというインフレターゲットを達成したいと考えています

ECB決定によると、「インフレーションの動きは想定していたよりも弱い方向に進んでいる。ここ数ヶ月の原油価格の急落が現在の実質インフレの主要な要素であるとはいえ、(QEの)賃金と価格における二次効果の余地は拡大しており、逆に中期価格の発展には影響しうる。」とドラギ氏は述べています。

3-金利は現状維持

ECBは今朝、メインとなる金利はそのまま据え置くと発表しました。
リファイナンス金利は0.05%、限界貸付金利は0.30%、中銀預金金利は-0.20%です。
当時マーケットの反応は特に何もありませんでしたが、QEの発表の後には下落傾向となり、発表後の更に大きな下落がそれに続きました。

4-ユーロはキーサポートレベルを下抜け

ユーロはほとんどの主要通貨に対して下落しました。
最も大きい下落を記録したのは対日本円で、300ピップ、現在135.00のキーサポートレベル下です。

EUR/USDの週足チャートでもキーサポートレベルを下抜けし、ターゲットであった1.1635をもこえ、次は2003年の低値である1.1343と1.0835までさらなる下落が見込まれます。

もしマーケットがスーパーマリオにピコピコ踊らされないことに決め、ユーロ売りをやめれば1.16のレベルを上抜けすることによって1.2070を最初のターゲットに上昇トレンドに変わるでしょう。

その他の通貨ペアのテクニカル分析はこちらをご覧ください。

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