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Accounts Explain Harder Communications Line This Year

ECB
  • ECB Accounts/Minutes release leaving little impact on markets - EUR has faded off the earlier highs, but move was underway as the USD very modestly recovered into the NY crossover.
Accounts flag the GC's discussions over the "substantial" loosening of financial conditions:
  • "Almost all components of the standard financial conditions indices pointed towards a substantial loosening of financial conditions to levels last seen at the start of the year."
And on market pricing, which may explain the comms from the likes of Lane, Nagel, Holzmann and others in the past fortnight:
  • "Concern was expressed that the sharp market repricing threatened to loosen financial conditions excessively, which could derail the disinflationary process. Against this background, it was widely regarded as important not to accommodate market expectations in the post-meeting communication."
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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