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Simkus Sticks to View of No Cuts in March

ECB
  • EUR bumped very slightly higher comments from ECB's Simkus, who states that a March rate cut is out of the question, and April is also unlikely. On rate cut timing, he states that the Bank can afford to be less restrictive in their stance from Summer.
  • EUR futures indicated a modest uptick in activity alongside his interview (~1,000 contracts traded in the two minutes following, or ~$130mln.
  • New daily highs for the pair at 1.0835, but little move in bond or STIR markets, with pricing broadly infitting with Simkus' signalling.
  • His comments are infitting with prior policy signals - Simkus said back in late January: "confident data won't support a cut in March" and "rate cuts more likely as year progresses".
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