ECB President Lagarde warns the doubters

Lagarde firms on hawkish ECB guidance..


"I would advise market participants to revise their positions" was the strong response from ECB President Lagarde today, answering a Bloomberg report that cited only once will the ECB raise interest rates by 50bp this year. She added that 'inflation is still way too high' and reaffirmed the central bank's resolve to keep tightening policy further. 

An account of December's monetary policy meeting was also released by the ECB today, which showed a large number of policymakers expressing a preference to increase rates by 75bp. A view of taking a longer period of 50bp was the compromise in the end, which near-term will strengthen the value of the €. 

It has been a good run for £ of late and a surprising one of that with continued positive data out of the UK. Tomorrow sees the release of UK retail sales and consumer confidence, both of which have the ability to move the Pound slightly on release. A bump should be realised in the former, so we expect to see Sterling supported after what has been a strong week across the board. 


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