The Euro fell by -0.4% against the Dollar towards 1.1770 after the intervention of Christine Lagarde around 14:15 who confirms that the ECB remains mobilized in this difficult period linked to the reconfinements: she believes that growth slows in the 4th quarter and that full monetary support remains necessary.

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

"The ECB was very present during the 1st wave of Covid and it will be for the second," she concluded.

The decline of the Euro is faster against any currency than the fall in the yield of euro bonds: The Bunds and OAT relax by -2Pts and the Italian BTP relax by -3.4Pts to 0.695%.