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Euro Steady as ECB Minutes Show Some Members Want to Drop Easing Bias

Euro Steady as ECB Minutes Show Some Members Want to Drop Easing Bias

Martin Essex, MSTA, Analyst

EURUSD talking points:

- EURUSD held steady Thursday after the minutes were released of the European Central Bank’s monetary policy meeting late last month.

- They showed that some policymakers want to drop the bank’s current bias towards policy easing.

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Euro holds its ground after ECB minutes

EURUSD held its ground Thursday after the minutes of the late January meeting of the European Central Bank’s policymaking Governing Council showed that some members of the council want to drop the ECB’s current bias towards easier policy.

The minutes also showed that the council decided any changes in the central bank’s communication would be premature and that policy would evolve to avoid abrupt, disorderly adjustments later. The ECB’s communication stance could be revisited early this year, though, and concerns were expressed about the Euro’s perceived volatility.

EURUSD Price Chart, Five-Minute Timeframe (February 22, 2018)

EURUSD price chart after ECB minutes

Chart by IG

The ECB also said it was increasingly confident about inflation, although patience was required, and that the pace of economic growth in the Euro-Zone could strengthen.

--- Written by Martin Essex, Analyst and Editor

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.