ECB's Smets comments doing the rounds on social media 16 May

  • EZ growth risks are close to balance
  • wants to see evidence that inflation is durably converging on goal
  • makes sense to keep ECB stimulus sequencing

As if the euro needs any additional support today the headline will be helping, whether you believe it or not.

TBH we know they will start to normalise sooner rather than later but all to go in the current melting pot.

EURUSD running out of steam a little and down 1.1055 as NA desks get underway but euro underpinned still for the moment. EURGBP still bid though at 0.8580 as GBP remains undermined.

Belgian CB head Smets and ECB board member