One reason for this delayed response may be that, during asset purchase announcements, asset managers achieve an immediate change in portfolio weights without active sales or purchases via “passive” rebalancing – that is, the change in the exchange rate and asset prices.
BIS Review 31/2006  1  Jean-Claude Trichet: “Of the 25 current Member States of the European Union, only two have a clause that confers on them the right not to be part of the single currency, the United Kingdom and Denmark – and Denmark is following the monetary policy of the ECB.