EUR/USD Stays in Retreat Mode After the ECB Meeting Accounts
Skerdian Meta•Thursday, November 23, 2023•1 min read
The European Central Bank released the minutes from the October meeting, and you can find some hawkish comments here and there. However, the phrasing appears to indicate that they want to keep markets guessing about rate hikes, but if things continue as they are, the central bank will have completed the tightening cycle.
With everything else going on right now, that doesn’t change anything we already know, so the Euro didn’t benefit from the minutes. EUR/USD has been retreating in the last several hours after the push in the Asian session and is trading around 1.09 now.
ECB Accounts of the October 2023 Monetary Policy Meeting
- All members agreed to maintain interest rates at current levels
- Members argued in favour of keeping the door open for a possible further rate hike
- The view was held that all three elements of the reaction function were moving in the right direction
- ECB should be ready for further rate hikes if necessary
- It could be expected that, based on the current outlook, inflation return to 2% target by 2025
- Members agreed to continue applying flexibility in reinvesting redemptions falling due via PEPP
- Discussion of an early termination of PEPP reinvestments currently seen as premature
- Most of the impact of past rate hikes had yet to materialise
- It was generally assumed that the “last mile” of bringing inflation back to target was the most difficult
- Full accounts
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Skerdian Meta
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Skerdian Meta Lead Analyst.
Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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