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IPC Index — Mexico MarketECB’s Kazāks: The possibility of negative scenarios has fallen massively
European Central Bank (ECB) Governing Council member Mārtiņš Kazāks said during the European trading session on Monday that the possibility of negative scenarios in the Eurozone has fallen massively.
His comments indicate diminished fears of more interest rate hikes by the central bank in the near term due to improving geopolitical stability in the Middle East, following the signing of a memorandum of understanding (MoU) between the United States (US) and Iran.
A few days back, several ECB policymakers signaled that the central bank might need to do more to contain higher oil price-driven inflationary pressures.
Additional remarks
Smaller shock reduces risk of second-round effects.
There’s no need for multiple ECB hikes in a rushed way at the moment.
Market Reaction
A slight positive response was seen in the Euro (EUR), following remarks from the ECB’s Kazāks. At press time, EUR/USD trades 0.2% higher near 1.1401.
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