A more hawkish ECB is unlikely to improve the picture for the euro

Eddy Markus
Monday, 19 December 2022
Eddy Markus

A hawkish stance by the ECB has contributed to narrowing interest rate differentials between EMU and the US and this is positive for EUR/USD. At the same time, interest rate differentials between EMU countries have increased, adding to concerns that tighter ECB policy will lead to more tensions in the euro area. For the euro, therefore, further rate hikes by the ECB are not uniformly positive....

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