1.15 possible but value is better to sell
The single currency has been capped since Friday’s comments by ECB chief economist and Executive Board member Praet. He stressed that the central bank still has room to cut interest rates should the euro area’s economic recovery falter. Nevertheless, it must be noted too, that Praet did not contradict Draghi. Even if Draghi indicated, that more cuts are unlikely, such a view was based on the assumption that the growth and price outlook improves. Since the ECB eased monetary policy by more than expected, inflation expectations as measured by 5y inflation swaps failed to improve.
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