Minutes from the latest ECB meeting have just been released. Large number of policymakers believe that the current level of high inflation calls for immediate further steps towards policy normalisation. It was argued that for all practical purposes, three forward guidance conditions have been met. Central bankers believe that a longer period of above-target inflation would lead to increased risk of upward de-anchoring, therefore ECB could no longer afford to look through higher inflation. Central bank believes APP purchases had by now fulfilled its stated objective.
EURUSD is trading lower today and however ECB minutes provided some fuel for bulls. The main currency pair may be heading towards a short-term resistance zone in the 1.0935 area. Source: xStation5
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