15-09-2023 09:57 AM | Source: Angel One Ltd
Quote on Currency : Euro falls post the ECB policy, committee hints at fewer rate hikes Says Heena Naik, Angel One Ltd
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Below the quote on ``Currency`` by Hee
The ECB has hiked interest rates by 25 basis points after the Governing Council’s assessment of the inflation outlook in light of the incoming economic and financial data.
According to the policy statement, the inflation has continued to decline but is still expected to remain high for too long.The Governing Council is determined to ensure that inflation returns to its 2 percent medium-term target in a timely manner.
The September ECB staff macroeconomic projections for the Euro Area see average inflation at 5.6% in 2023, 3.2% in 2024 and 2.1% in 2025.This is an upward revision for 2023 and 2024 and a downward revision for 2025.The upward revision for 2023 and 2024 mainly reflects a higher path for energy prices.
Based on its current assessment, the Governing Council considers that the key ECB interest rates have reached levels that, maintained for a sufficiently long duration, will make a substantial contribution to the timely return of inflation to the target.
The Governing Council’s future decisions will ensure that the key ECB interest rates will be set at sufficiently restrictive levels for as long as necessary.
Post the policy release, the Euro currency took a hit and dived south as markets now speculate that the committee is likely done with tightening policy. There could be a long pause in ECB rate hikes for the coming months with plausible rate cuts in the second half of 2024.
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