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Some market participants are anticipating a July rate hike, with reports than more hawkish members of the ECB are keen to raise rates sooner rather than later.

Rates in the euro zone have been negative following the region’s sovereign debt crisis, and the ECB has confirmed that it will conclude its net asset purchases in the third quarter  opening up the possibility of a rate hike.
The Governing Council is facing a dilemma with inflation hitting a record high of 7.5% in March and the economic growth outlook weakening due to the war in Ukraine.

The interest rate on the ECB’s main refinancing operations and the interest rates on the marginal lending facility and the deposit facility remains unchanged at 0.00%, 0.25% and -0.50% respectively. The U.S. Federal Reserve and the Bank of England, meanwhile, have both already embarked on their rate-hiking cycles. 

EURGBP D1 04 28 2022 1653

 

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