NAB FX Strategy Research notes that there were two key changes to the ECB policy announced today; the removal of its easing bias and an upping of the balance of risks on economic growth to, ‘broadly balanced’ from negative.
“Together the moves confirm the ECB has started the process of very gradually pulling back from its super easy emergency policy measures put in place to deal with deflationary risks,” NAB argues.
The FOMC meeting next week will clearly be influential and especially it’s longer-term dot projections, but in the slightly bigger picture we see nothing here from the ECB today to tempt us away from thinking the EUR is gradually repricing to a higher range,“ NAB adds.
Source: NAB Research
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