The ECB implemented its fourth 25bp cut, taking the deposit rate to 3.00%. The policy statement was slightly more dovish, reflecting a somewhat weaker growth outlook and increasing confidence that ...

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The relevance of the currency war theme may also extend to the Eurozone in 2025.

We expect a hawkish cut in December. This means a 25 bps cut, accompanied by indications that the FOMC is going to slow the pace of rate cuts in 2025.