Minutes from the last meeting on July 15-16 now out

  • too early to be sure of inflation turnaround
  • gradual Eurozone recovery disappointing
  • agreed that asset-purchase programmes can be flexible
  • covered bond purchases have become more challenging

EURUSD testing 1.1100 and EURGBP back down to 0.7105 on the more dovish sentiment

  • no sign of contagion from Greek crisis
  • China could have bigger than expected adverse impact
  • Eurozone inflation remains "unusually low"
  • economic risks remain on the down side but unchanged from previous meeting
  • growth risk compounded by impact of future US rate hikes on emerging market economies

Full Minutes here

EURUSD still finding defence/support at 1.1100 and EURGBP at 0.7100 but rallies still weak