Account from ECB's May 3-4, 2023 meeting were released today at 12:30 pm BST. ECB delivered a 25 basis point rate hike at that meeting but the document showed that a number of Governing Council members initially expressed preference for a 50 basis point rate move. Nevertheless, member eventually agreed on a 25 basis point move that was supported by almost all members. Minutes also showed that ECBs communication should convey a clear directional bias but there was a strong preference against an outright forward guidance.
EUR ticked higher following the release but overall scale of the moves was barely noticeable.
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EURUSD at 5-minute interval. Source: xStation5
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