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ICYMI – ECB minutes overnight – tiptoe less dovish

ICYMI, Justin posted the summary of the minutes here:

Check this. The TL version; DR (brutally short summary) is:

  • The ECB has become a little less accommodating
  • But not that some members are still pleading for a “wait-and-see” approach
  • the acceleration of tapering was a point of agreement “a large number of members felt that the current high level of inflation and its persistence called for further immediate steps towards the normalization of monetary policy”.
  • The ECB said it expects QE bond buying to end in the third quarter of this year

The context of the March meeting was:

  • soaring inflation in Europe
  • Russia’s invasion of Ukraine has increased uncertainty

EUR/USD update:


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