The euro climbed sharply after the European Central Bank warned that inflation risks were gaining momentum and that “strong vigilance” was warranted – a phrase often used in the past as a signal that interest rates would be raised at the next meeting.
Although the central bank left its main policy rate at 1 per cent, Jean-Claude Trichet, ECB president, said at the subsequent press conference that inflationary pressures had increased over the past month.
He added: “Strong vigilance is warranted with a view to containing upside risks to price stability.”
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