According to Michael Hewson, chief market analyst at CMC Markets UK, the minutes may well offer insights as to the degree of concern in the governing council that the ECB might be falling behind the curve.
At its last policy meeting, the council surprised markets with a hawkish pivot, signalling that it would taper its asset purchases steadily over the summer.
“This hawkish pivot merely serves to underline what a bind the European Central Bank finds itself in. We’ve subsequently seen government bond yields push higher across the bloc, however it’s difficult to really see what else the ECB can do at this point.
“[…] Recent comments from a number of ECB policymakers suggest there is rising concern that the ECB is behind the curve and this week’s minutes could well offer insights as to how significant this concern is.”
Against that backdrop, at 0700 GMT, mortgage lender Halifax will publish its UK house price survey data for March.
Stateside, investors will likely be parsing remarks from Federal Reserve Bank of St.Louis President, James Bullard, from Atlanta Fed boss Raphael Bostic and from Chicago Fed chief Charles Evans.
Any remarks from these three top central bank officials will be coming in the wake of the release of the minutes of the Fed’s most recent policy deliberations on 16 March.
Thursday 6 April
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