While markets were largely unmoved by the ECB’s latest monetary policy statement, the tone of the statement and President Lagarde’s press conference was very much a dovish one.
Lagarde had stated after the March meeting that the ECB will have a “little” data in April, but will have “a lot more” in June and “it matters because we are data dependent”.
In this context, President Lagarde’s meeting statement contained a new additional sentence to reflect these developments and set the scene for a June cut.
Turning to the week ahead, a busy UK data schedule includes updates on inflation and the labour market.
