ECB policy is more data-dependent – Nomura

Analysts at Nomura explained that they have previously argued that the transmission mechanism between positive economic data and EUR was broken, temporarily, ahead of political events. 

Key Quotes:

“The transmission mechanism is now being repaired, not only because of the lower political uncertainty.

ECB President Draghi’s comments today confirm that ECB policy is more data-dependent, as he implied the level of accommodation needs to be adjusted as the economy recovers.”

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