Reuters with a sources story

  • Policy makers are wary of making a fresh policy-message shift in April

  • Are worried about a potential yield surge

  • ECB wanted to communicate a reduced tail risk in March, not a step towards a QE exit

The euro has dipped on the news to 1.0747 as the ECB says they mishandled their March meeting. Personally I think the move is arse about face as these headlines suggest the ECB is thinking one thing but trying to say something else, and that's that they are thinking about an exit.