ECB not so hawkish? Kazaks reports possible lower hikes

Today, the big surprise was lower inflation in Germany, although the sizable drop was due to a one-off in energy markets. Of course, the peak of inflation may be behind us and inflation should fall, also due to the fact that gas prices have returned to near the minimum levels of last year.

A very interesting statement was made by Kazaks from the ECB, who last year was the first to signal the possibility of a hike from the ECB. He indicated that he expected two strong hikes at the next two meetings, and most likely a subsequent reduction in the scale of increases. The euro is not reacting as Kazaks basically confirms 100 bp hikes in the first quarter of this year. On the other hand, if inflation surprises with larger declines, the ECB's withdrawal of further hikes after 2 more meetings cannot be ruled out.

The euro is not reacting, although Kazaks reports possible smaller hikes after Q1 2023. Source: xStation5

25 August 2026, 6:59 PM

Daily Summary: Wall Street catches breath on lower yields and oil; crypto and FX volatility drops (25.08.2026)

25 August 2026, 6:13 PM

Canada fires back at USA with 50% tariffs! USDCAD erases all gains!

25 August 2026, 9:07 AM

Chart of the Day: EURUSD Under Pressure from the Dollar. Bessent, PCE and Jackson Hole to Determine the Next Direction

25 August 2026, 7:04 AM

Ecnomic Calendar: Key German Data and the US Housing Market

Forex

Cookie name	Description
SERVERID
userBranchSymbol	Expiration date 1 day
test_cookie	Expiration date 1 hour
adobe_unique_id	Expiration date 364 days
__hssc	Expiration date 1 hour
SESSID	Expiration date 1 day
__cf_bm	Expiration date 1 hour
intercom-id-iojaybix	Expiration date 270 days
intercom-session-iojaybix	Expiration date 6 days
xtbCookiesSettings	Expiration date 364 days
TS5b68a4e1027
countryIsoCode
xtbLanguageSettings	Expiration date 364 days
userPreviousBranchSymbol	Expiration date 364 days
intercom-device-id-iojaybix	Expiration date 270 days
__cfruid
_cfuvid

Cookie name	Description
_gid	Expiration date 1 day
_gat_UA-98728395-1	Expiration date 1 hour
_gat_UA-121192761-1	Expiration date 1 hour
_gcl_au	Expiration date 89 days
_ga_CBPL72L2EC	Expiration date 729 days
_ga	Expiration date 729 days
__hstc	Expiration date 179 days
__hssrc
_vwo_uuid_v2	Expiration date 365 days
_ga_TC79BEJ20L	Expiration date 729 days
_vwo_uuid	Expiration date 365 days
_vwo_ds	Expiration date 29 days
_vwo_sn	Expiration date 1 hour
_vis_opt_s	Expiration date 99 days
_vis_opt_test_cookie
af_id	Expiration date 394 days
afUserId	Expiration date 730 days
AF_SYNC	Expiration date 6 days
AnalyticsSyncHistory	Expiration date 29 days

Cookie name	Description
MUID	Expiration date 389 days
_omappvp	Expiration date 3998 days
_omappvs	Expiration date 1 hour
_uetsid	Expiration date 1 day
_uetvid	Expiration date 389 days
_fbp	Expiration date 89 days
fr	Expiration date 89 days
_ttp	Expiration date 89 days
_tt_enable_cookie	Expiration date 89 days
hubspotutk	Expiration date 179 days
IDE	Expiration date 389 days
YSC
VISITOR_INFO1_LIVE	Expiration date 179 days
li_sugr	Expiration date 89 days
guest_id_marketing	Expiration date 729 days
guest_id_ads	Expiration date 729 days
guest_id	Expiration date 729 days
muc_ads	Expiration date 729 days
VISITOR_PRIVACY_METADATA	Expiration date 179 days
MSPTC	Expiration date 389 days

Cookie name	Description
bcookie	Expiration date 364 days
lidc	Expiration date 1 day
UserMatchHistory	Expiration date 29 days
bscookie	Expiration date 364 days
li_gc	Expiration date 179 days
personalization_id	Expiration date 729 days