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Euro Soars: Buoyed by Ukrainian Advance and the Mention of QT from the ECB
The euro mustered up a sizeable 1.4% this morning as news filtered through of Ukrainian resistance in the east of the country as Ukrainian forces went on the counter offensive. Returning our focus to the ECB, there was a clear dissatisfaction amongst ECB governing counsel members after the sizeable 75 basis point hike was fully expected by markets and had little to no effect on markets. Soon after President Lagarde’s speech, the famous ECB ‘sources’ mentioned that rate hikes could top 2% (restrictive territory) to combat inflation and somewhat of an admission that the 2023 growth forecast was on the “rosey” ... (full story)
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