Minutes from the last ECB meeting
There was a need to convey cautious optimism on the Eurozone recovery
ECB made a strong call to limit the political uncertainty on Brexit
Saw no clear upward trend in inflation
Peter Praet said weak prices were an ongoing source of concern
Felt time was needed to assess information over following months
On the whole, nothing different than what we already knew and heard from Draghi. Last month they said that the negative impact from Brexit could be significant. These minutes show that even the best (subjective) can be shortsighted too.
The euro's got a bit of a bid on after the minutes. There's nothing of real note here but maybe the comment on conveying cautious optimism has the market thinking the ECB thinks the economy is doing better that they're letting on, and thus reduces the chance of further easing. Probably a straw clutch at best. Even so, we've hit a new high of 1.1339.
The full minutes are here
