Analysts at ANZ explained that despite the ECB turning more hawkish on policy, markets interpreted the statement as dovish.
"The EUR depreciated against all G10, bolstering USD strength. European yields fell across the curve, while the US curve flattened further with 2-year yields flat and 10-year down 2.8bps at the time of writing. The ECB’s interest rate guidance gave European equities a shot in the arm, with Euro Stoxx up 1.4% and other major bourses up 0.8-1.7%. US stocks were more mixed on heavier volumes. The DJIA was down 0.1% and the S&P up 0.2%. The VIX fell to 12.2, down 7%. Oil prices were biased lower after Saudi Arabia’s oil minister said a gradual lift in OPEC output is “inevitable”.
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