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A plea was made for patience to allow the measures taken in September to work through the economy, supporting a wait and see  posture at the current juncture,  the accounts of the European Central Bank’s (ECB) October policy meeting showed on Thursday.

The shared currency’s reaction to the ECB statement has been muted so far with the EUR/USD pair extending its sideways grind below the 1.11 handle.  

Key takeaways

“Strong call for unity of the Governing Council was made at the October 23-24 policy meeting.”

“Frank discussions are necessary but it’s important to form a consensus, unite behind the inflation aim.”

“Economic data raised the question as  to whether weakness would continue for longer than anticipated in September.”

“Wide agreement that more info is needed to reassess inflation outlook, the impact of ECB measures.”

“Measures should be allowed more time to unfold; confident they will support inflation.”