Reuters ECB sources report that a consensus is building for a June rate cut. At the moment the market is pricing in 71% chance of a cut but it looks like the ECB wants to bump that up, given that this report cites six sources.
The report notes that data has been deteriorating but also notes that the euro has strengthened and oil prices have declined.
It also notes that "policymakers saw no reason to consider a 50 basis point cut".
I would expect this report to put some light pressure on the euro at the open, given that this is a strong signal.
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