ECB’s Nagel: Middle East situation is still very opaque
European Central Bank (ECB) Governing Council Member and President of the Deutsche Bundesbank, Joachim Nagel, said during the European trading session on Tuesday that inflation risks in the Eurozone have not vanished, citing that the Middle East situation is still “very opaque”.
Additional remarks
Inflation will stay significantly above target.
Probability that inflation will stay on elevated level.
Too early to make call on rate hikes.
Retreat of energy price was a surprise.
Market Reaction
No immediate impact is seen in the Euro (EUR) following remarks from ECB's Nagel. At press time, EUR/USD trades 0.15% lower to near 1.1400.
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