ECB’s Jens Weidmann on the wires

  • All Governing Council Members Agree Loose Mon Pol Is Needed For The Time Being To Support Domestic Price Dynamics
  • Complete Normalisation Of Mon Pol Will Be a Long Path That Should Be Steadily Pursued If Price Outlook Allows
  • A Rapid Cessation Of Net Asset Purchases With A Clearly Communicated End Would Have Been Reasonable
  • Sharp Rate Hike Following Long Phase Of Low Rates Would Be Especially Burdensome To Banks
  • Current EZ Growth Is Remarkably Strong
  • The Eurosystem Has Become Largest Creditor Of Members States, Which Holds A Danger For Politicising Mon Pol

The euro has lost a few pips as Weidmann would be expected to be more hawkish than he has been here, especially coming on the back of the ECB minutes yesterday which showed a louder dissension to current forward guidance. EURUSD trades down to 1.2020 from 1.2053.

Ryan Littlestone

Psychedelic chartist extraordinaire. Have your shades ready.
Philosophy: “Don’t be a Dick for a tick”

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Ryan Littlestone

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