BREAKING: EUR sees little reaction to ECB Minutes

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

Key takeaways:

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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