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The euro remains a hot topic for policymakers in light of the currency's lingering strength. However, the ECB is only like to reassert that it continues to monitor exchange rate developments and that it targets inflation, not the exchange rate. Given that the rally lost momentum since the beginning of the year, the ECB is under less pressure to try and talk down the euro.
Any questions on PEPP are likely to focus on the sufficiency of the latest envelope expansion/extension. Speculation about when the Federal Reserve will taper asset purchases, the tentative shift among European governments from pandemic spending to eventual fiscal consolidation, and noises from some in the ECB indicating that the new PEPP envelope should be viewed as a ceiling, all suggest that market attention will increasingly focus on the ECBs exit strategy.