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ECB minutes justify rate hike, supporting euro; oil price fall and downside CPI surprise may reduce hawkish pressure.
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OCBC strategists Christopher Wong and Sim Moh Siong note that the European Central Bank's June minutes justified the latest rate hike while keeping flexibility on future moves. Since then, oil prices have fallen sharply and June Consumer Price Index surprised on the downside.
ECB minutes justify rate hike, supporting euro; oil price fall and downside CPI surprise may reduce hawkish pressure.