ECB's new tool might not be ready by July meeting

The European Central Bank (ECB) is reportedly still working on the details of the new anti-fragmentation tool.

ECB policymakers are said to not show certainty that the new tool will be ready by the next policy meeting on July 21st.

Market reaction

This headline doesn't seem to be having a significant impact on market sentiment. As of writing the Euro Stoxx 600 Index was up 1.5% on a daily basis. Meanwhile, the shared currency is having a difficult time finding demand with the EUR/USD pair continuing to move sideways below 1.0200.