(CercleFinance.com) - The Euro fell back by -0.4% against the Dollar towards 1.1770 after the intervention of Christine Lagarde around 2:15 p.m. who confirmed that the ECB remains mobilized in this difficult period linked to reconfinements: it estimates that growth is slowing down in the 4th quarter and that full monetary support remains necessary.

She insists that 'fiscal policies' are much more decisive now than monetary support from the ECB and must be pursued ambitiously.

'The ECB was very present during the first wave of Covid and it will be for the second' she concluded.

The fall in the Euro is proving to be faster against any currency than the fall in yields on Euro bonds: Bunds and OATs are down -2 Pts and Italian BTPs are down -3.4 Pts towards 0.695%.