The outcome of the European Central Bank's long-awaited operational framework review did not shake markets. As widely expected, introducing a demand-driven floor system while the deposit facility rate has been confirmed as the main policy rates. Indeed, FX implications are as limited as we expected them to bey, particularly in the near term.

The Euro is enjoying decent resilience despite short-term dynamics that would argue for some correction in the coming days. 

Our baseline view is a return below 1.0900 in EUR/USD by next week.