ECB Minutes: Removal of easing bias should not be misunderstood

ECB Minutes from last policy meeting now out 12 April

  • caution voiced over EUR moves
  • past EUR appreciation has not had significant impact on demand
  • broadly agreed not enough evidence that inflation is sustained
  • despite the global upturn, underlying price pressures had remained subdued. Annual consumer price inflation in the OECD countries had ticked down slightly in January, to 2.2%, from 2.3% in December
  • core inflation had remained steady, with inflation excluding food and energy standing at 1.8% in January.
  • widespread concerns over risk of trade conflict

EUR pairs suitably unfazed but EURGBP still below 0.8700 after earlier sell order (according to good sources) that helped lift GBPUSD to 1.4200. That and GBPJPY demand ofc.

Essentially it should be as we know from the statement and Draghi’s presser

Draghi still trying to conduct
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