Financial Markets Daily Report12 abril 2024
The ECB monetary policy meeting yielded, as expected, no change in the official interest rates and a communication consistent with a first rate cut in June, at the next meeting. Christine Lagarde reiterated, though, that the ECB will be data-dependent and added that it will not be Fed-dependent.
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- The ECB monetary policy meeting yielded, as expected, no change in the official interest rates and a communication consistent with a first rate cut in June, at the next meeting. Christine Lagarde reiterated, though, that the ECB will be data-dependent and added that it will not be Fed-dependent.
- Following the meeting, investors continued to expect a total of 3 rate cuts from the ECB in 2024 which would set the depo rate at 3.25%. In this context, yields on sovereign bonds rose on both sides of the Atlantic and equities declined in the euro area and rose in the US.
- Elsewhere, the US dollar strengthened markedly against most currencies and the euro fluctuated closer to $1.07. In commodity markets, the European natural gas references rose after Russia attacked an underground gas storage site in Ukraine. Oil Brent prices eased below $90 per barrel.