ECB’s Villeroy says they have made “essential step” to end QE

BOF governor and ECB governing council member Villeroy on the wires 27 Oct
– ECB to use all tools in progressive normalization
– decision to reduce bond buys is justified by confidence that inflation will gradually converge towards ECB’s 2% target
EURUSD unfazed at 1.1625 but EURGBP higher at 0.8880 and pushing GBPUSD below 1.3100.