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PINCH UPDATE: Although the market is not...>

EUROZONE
EUROZONE: PINCH UPDATE: Although the market is not pricing in ECB rate cuts
(partly a function of the deposit rate already being negative), expectations of
policy tightening have been scaled back. From our preferred model-based
estimates, the probability of a 10bps hike to the depo rate by December 2019 has
fallen to 35.7% from 67.0% a month ago. In addition to the weakening global
backdrop, inflation across the eurozone fell in December, further complicating
the ECBs plan to gradually normalise monetary policy.
Please see: https://tinyurl.com/y7fwznmc

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