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BREAKING: EUR sees little reaction to ECB Minutes

12:36 24 November 2022

Minutes from the latest  ECB meeting have just been released, but did not trigger any major moves on markets. 

Key takeaways:

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  •  ECB now needed to show equal determination when inflation was above the target, countering far too high inflation and preventing it from becoming entrenched, irrespective of a deteriorating outlook.These developments raised the prospect of inflation becoming entrenched.

  • The view was widely shared that the inflation outlook continued to worsen.

  • A decline in economic activity would not be sufficient to significantly reduce inflation.

  • Wage growth was accelerating, it could still be considered moderate.

  • GC should continue normalizing and tightening monetary policy, although it might want to pause if there was an extended and deep recession.

  • A 75 basis points hike was supported by a very large majority.

EURUSD barely reacted to ECB Minutes release. The main currency pair is currently testing a short-term support zone in the 1.0400 area. Source: xStation

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