ECB Minutes: Broad consensus that it was premature to discuss rate cuts

At 12:00 pm GMT, the ECB's Minutes of the last interest rate meeting were published. Here are the most important comments contained in the document:

• March inflation projection for 2024 likely to be lowered
• Risk of cutting rates too early was still seen as outweighing that of cutting too late
• Measures of underlying inflation had passed their peak
• Latest economic activity and inflation consistent with current monetary policy stance
• But further progress needed to be made in the disinflationary process
• Continuity, caution and patience were still needed
• While the probability of a 25 basis point cut in April still stood at around 60%, a first cut was now fully priced in only for June

EURUSD pair does not overreact to today's Minutes reading