Post ECB meeting comments show division over upcoming interest-rate cuts – ING

Remarks by some ECB members have been quite heterogeneous following the monetary policy meeting last week, ING’s FX strategist Francesco Pesole notes.

ECB members remain split over future rate cuts 

“While Chief Economist Philip Lane said there is a clear path ahead for rate cuts, Slovak central bank chief Peter Kazimir probably summed up the ECB hawks’ current view by explicitly ruling out another cut before December.”

“All this post-meeting noise sounds like a signal that President Christine Lagarde’s attempt at defaulting to strict data dependency is both hard to enforce and perhaps not unanimously shouldered by GC members.”

“EUR/USD has found good support on the back of USD softness and has moved in line with our recent expectations. We see no strong reasons for a correction before tomorrow’s Fed meeting.”

(This story was corrected on September 17 at 09:47 GMT to remove future references about the ZEW survey and its possible effects to the Euro as the survey data was already released.)