• Gradual approach doesn't mean slow response
  • ECB doesn't need to wait to see stronger wage growth
  • Ending APP early in Q3 is possible and appropriate
  • 0% is not a cap for deposit rate facility

That is some big talk coming out from Kazaks and a rather hawkish one at that, even if he is one of the more pushy members on the governing council in that regard.


has moved up from 1.0840 to 1.0865 on the headlines with the dollar also seen slumping further notably against the yen, dropping from 128.40 to 127.85 in the past half-hour or so.

Going back to Kazaks' remarks, it remains to be seen what the majority view on the ECB is like but I very much doubt that it is that hawkish.