Highlighting the policy statement from the ECB, President Christine Lagarde said underlined price pressures remain strong and wage pressures are strengthening. ECB's Lagarde has poured cold water on any pre-determined rate hike expectation by switching to a data-dependent mode. The liquidity crisis and policy uncertainty from ECB got the Euro mixed action across the board.
Therefore, it has thrown the market expectation for future rate hikes to the sideline, waiting for more data releases to frame any expectations for May's ECB meeting. Subsequently, the market expectation of a 25 bps hike for the May meeting is 50-50. For the Pound Sterling, it is important to watch the Consumer Price Index (CPI) data released from the UK, due next Wednesday, prior to the BoE Interest Rate Decision on Thursday.
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