ECB sources from Reuters
The ECB statement continued to say risks were balanced but trading said they were 'tilting to the downside.' That comment is what undercut the euro today.
Reuters sources said some wanted to adopt a more cautious tone before falling in line. They say 'some' policymakers wanted to say risks were tilted to the downside.
The statement ultimately said:
"The risks surrounding the euro area growth outlook can still be assessed as broadly balanced. However, the balance of risks is moving to the downside owing to the persistence of uncertainties related to geopolitical factors, the threat of protectionism, vulnerabilities in emerging markets and financial market volatility," the opening statement said.
