Some members of the council of the European Central Bank (ECB) also took advantage of the Jackson Hole symposium to convince the market of their efforts in the fight against inflation. Eurozone inflation data on Wednesday could support the euro, but to a limited extentreport economists from Commerzbank.
“The ECB’s speech is more or less irrelevant to the market. Here we must act to support the euro. Even we wonder if a further 75 basis point rate hike in September would be enough to convince the marketgiven that the ECB is likely to be seen as far behind the curve.”
“Inflation data from the eurozone in the coming days is likely to illustrate just how much convincing remains. If the euro were able to appreciate significantly in reaction to the surprisingly high data, it would be a sign that the market expects a sufficiently strong reaction. strong from central banks. However, the data is more likely to provide only limited support to the euro.”
Source: Fx Street
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