"Looking through the inflation spike is no longer an option": ECB’s Schnabel hints at June hike
European Central Bank (ECB) Executive Board Member Isabel Schnabel said on Tuesday that, even if the Iran war ended today, policy action is needed given the damage to the energy infrastructure.
Additional quotes
A June rate hike will be needed.
Looking through the inflation spike is no longer an option.
There are increasing signs that inflation shock is spilling over to other parts of the consumption basket.
The negative impact on growth from the shock will be stronger.
Incoming data implies upside risks to inflation and downside risks to growth.
Don't see any concerning developments with regard to bond yields.
Market reaction
At the time of writing, EUR/USD is down 0.12% on the day at 1.1630, uninspired by these hawkish comments.
Euro Price Today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the weakest against the US Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.13% | 0.18% | 0.06% | 0.07% | 0.18% | 0.42% | 0.09% | |
| EUR | -0.13% | 0.09% | -0.06% | -0.04% | 0.09% | 0.31% | -0.03% | |
| GBP | -0.18% | -0.09% | -0.13% | -0.12% | 0.00% | 0.22% | -0.10% | |
| JPY | -0.06% | 0.06% | 0.13% | 0.01% | 0.15% | 0.34% | 0.05% | |
| CAD | -0.07% | 0.04% | 0.12% | -0.01% | 0.15% | 0.36% | 0.04% | |
| AUD | -0.18% | -0.09% | -0.01% | -0.15% | -0.15% | 0.21% | -0.11% | |
| NZD | -0.42% | -0.31% | -0.22% | -0.34% | -0.36% | -0.21% | -0.32% | |
| CHF | -0.09% | 0.03% | 0.10% | -0.05% | -0.04% | 0.11% | 0.32% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
