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Westpac: Dips To Be Modest Multi-Month

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ECB
ECB: ###POV The ECB releases its account of the monetary policy meeting from
July 19-20 at 12.30BST today. 
- Remember that the July meeting was looked at in the afterglow of Draghi's
speech at Sintra on Jun 27 at which he spoke of a "strengthening and broadening
recovery" and "deflationary forces had been replaced by inflationary ones".
However the Jul 20 ECB meeting did not make any changes to rates or forward
guidance.
- At the press conference Draghi said that there was "no convincing sign of a
pick-up in underlying inflation". Somewhat a U-turn. 
- This is the environment for the meeting's Minutes. Key questions will be why
was there a Draghi U-turn and also the stress placed upon the euro's 
appreciation in influencing already low inflation rates. Too much emphasis on
the currency will dampen hopes for an early taper. This could knock the Euro,
cause short dated German paper to outperform OIS/swaps and tighten periphery
spreads.

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