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Hardy: ECB could come up with "dovish surprise"
ECB decision coming up, and the markets are "hesitant" as economists weigh up the likelihood of action from the European Central Bank. Saxo Bank Head of FX Strategy John Hardy has seen the markets rally post decision previously and this month there's once again soft delationary data from Europe, with Spanish CPI below one percent in March. Bundesbank president Jens Weidmann has appeared to be in favour of QE, but against a background of the ECB publicly presenting a very low key response to the economic data.
There's little expectation of the ECB taking radical action this month, however John Hardy says the "bar for surprises" is set low, while at the same time he doesn't predict ECB changing direction this week. The markets are waiting for both the ECB and US Non Farm Payroll data on Friday.
02:39 minutes
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