As Bank of Italy Governor, Fabio Panetta is also a member of the European Central Bank Governing Council. On Saturday he spoke at a news conference at the end of the G7 finance leaders meeting saying that he sees „a fairly general consensus has emerged on the possibility of a rate cut“.

We’ve certainly been getting a consensus out of ECB officials that a June cut is happening, these are from Friday:

• ECB’s Nagel: The probability of a June rate cut is increasingECB’s Nagel: The probability of a June rate cut is increasing
  • As Justin said on Nagel: For one of the more hawkish members, the headline comment is pretty much a concession that they will cut rates in two weeks‘ time.
• ECB’s Schnabel: A June rate cut is likely

ECB rates:

This article was written by Eamonn Sheridan at www.forexlive.com.