No Pivot Signs from ECB Minutes While ECB Officials Back Higher Rates for Now


The euro found some bids on Friday morning after better-than-expected German GDP both YoY and QoQ, respectively. Unfortunately, consumer confidence missed forecasts but did increase from the November read.

In conjunction with the economic data, ECB officials reiterated that inflation is seemingly entrenched long-term, while the ECB’s Muller erred on the hawkish side and added to Isabel Schnabel’s comments by saying that it is too risky to wait for a downturn to cool prices.

He indirectly suggested that more interest rate hikes are needed to quell inflationary pressures. Throughout the day, we have further ECB speakers who could spark further upside should they support the current market sentiment.

Recessionary fears are still very real for the eurozone but looking at the monetary policy minutes yesterday; there has been nothing along the lines of moderating the pace of rate hikes as we have seen in the U.S.

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