Adam had the breaking headline here:

De Guindos was speaking in a radio interview (COPE):

  • "Our inflation is more persistent and, let's say, not as temporary as we expected"
  • said that ECB forecasts (such as those for inflation) are subject to great uncertainties, such as the evolution of the COVID-19 pandemic

Given the widespread acceptance of diverging policy between the Fed and ECB, EUR/USD has been heavy since mid-year. Today though:

I wonder if there'll be more of that ahead given DeG's admission?

De Guindos

"Pull my finger!"