Few in the market can have expected the ECB president to use the term “strong vigilance” in his remarks. While this is seen as tantamount to saying that a rise in rates is imminent, it begs the question: why, in that case, weren’t rates raise immediately?
EUR/USD bears (order books on Wednesday were said to be alarmingly skewed to the downside) with deep pockets might draw comfort from the failure of the market to breach 1.40
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