Comments from the ECB”s Coeure:

  • Real economy at best showing tepid signs of improvement
  • Room for policy action might be reduced
  • Competitive devaluations could expose markets to escalating protectionism
  • Risk that emerging markets resort to fighting back currency appreciation
  • In advanced economies, policy likely to remain very accommodative

Some textbook stuff from Coeure, nothing to excite markets and certainly no hint about the ECB later this week.