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- Reports ECB did not mean to imply slower hiking with ‘progress’ remark
Reports ECB did not mean to imply slower hiking with ‘progress’ remark
European Central Bank hawks are playing down the removal of 'several' from guidance on further hikes according to Reuters sources.
''Doves say guidance tweak paves the ground for ending hikes in December 'in case of improved inflation outlook or possibly in March''.
The reports suggest that the ECB did not mean to imply slower hiking with the ‘progress’ remark and that the vote was not unanimous, while 3 officials wanted a 50bps hike.
The European Central Bank raised interest rates by 75 basis points, stressing that inflation is too high and expected to remain high for an extended period. ECB President Christine Lagarde said that while Russia's invasion of Ukraine and other global uncertainties meant the euro area economy faced a number of risks to the downside, inflation risks were skewed upward.
EUR/USD, which had hit a one-month high of 1.0094 versus the dollar earlier in the day, dropped back below parity after the ECB rate decision while US data beat expectations. EUR/USD is down 1% on the day to 0.9976 at the time of writing.
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