kept rates unchanged, confirmed it would end the purchase program in July and said it intends to raise interest rates in July by 25bps. Analysts at Wells Fargo point out that market participants and the ECB are unlikely to contemplate multiple 50bps rate hikes and see the ECB moving more gradually than the Federal Reserve, indeed expecting a softer EUR/USD.
“We believe it is unlikely the European Central Bank, or market participants, will contemplate multiple 50 bps rate hikes, and the ECB is still projected to raise interest rates much more gradually than the Federal Reserve over the medium-term. Thus, we do not expect today's announcement to be very supportive of the euro over time, and indeed still see a weaker euro versus the U.S. dollar over the medium-term.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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