• But the timing of the rate cut is unclear
• We are data dependent
• There are many who believe that developments in June will be such that we can cut at the time
• My view is that inflation is stickier than those people believe, which is why I am waiting for June data

Hmm, is he alluding to a move in July instead? For now, he seems to be the only one with a bit of vagueness in his remarks. Most of the other policymakers at the ECB are leaning towards June. And unless the data suggests otherwise, markets will continue to price in the first move for June as well.

This article was written by Justin Low at www.forexlive.com.