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Analysts at Danske Bank note that the ECB minutes from the June meeting released yesterday highlighted the focus within the governing council on focusing its communication on ‘forward guidance on policy rates by adding an explicit date-based and state-contingent component’.

Key Quotes

“Recently, there has been a lot of discussion as to what the saying that rates would be kept unchanged ‘through the summer 2019’ in fact means. In any case, we do not see the first hike until December 2019 and stress that we may see ECB members start to comment on market pricing to a larger degree in the future in order to guide the market.”