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An ECB sources story that governing council members are split on the timing of first hike hit the wires on yesterday afternoon, notes the research team at Danske Bank.  

Key Quotes

“The ECB has said it will keep rates at current levels through the summer of 2019, which the market has taken to imply beyond the September meeting, but some members reportedly said that the phrase should not rule out a first hike as early as July next year.”

“The story helped lift EUR temporarily. Today’s ECB minutes will be interesting in this light; we continue to call for a first hike in December 2019.”