• If Q1 2024 numbers continue to be encouraging, that will be important
• Need to be more confident that disinflation is sustainable
• ECB is independent of moves by other central banks

This ties together with Nagel’s earlier remarks here. And it reaffirms the narrative that the ECB wants to wait on the next set of wages data in May before acting in June at the earliest.

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