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ECB To Cut Refi Rates Further; Stay Bearish EUR/USD - Morgan Stanley
While the latest European PMIs have continued to show some signs of stabilization, these readings remain below the 50 boom/bust level, and the debate regarding ECB policy has gained renewed momentum. The discussion of negative (depo) rates has also intensified once again as a result of the decline of inflation rates and the dovish stance of the ECB at the May meeting. In that regard, Morgan Stanley's European economists expect a further refi rate cut at the June meeting but are not expecting a deposit rate cut at this stage, given technical and political considerations regarding a move to negative deposit rates. ... (full story)
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