• ECB mandate is to stick with 2% inflation target in the medium-term
  • What we can do is to gradually remove stimulus
  • Actions will be enough to accommodate to the mandate

There doesn't seem to be much change to the narrative at least for now. The euro is keeping lower on the day though, down 0.7% against the dollar to 1.0700 currently. The 200-hour moving average at 1.0676 will be a key near-term level to eye for additional support as the dollar holds firmer on the day.