13:36 · 22 February 2024

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

EUR/USD
Forex
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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

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