ECB's Makhlouf: Don't think ECB has a tightening bias

European Central Bank (ECB) policymaker and Governor of the Central Bank of Ireland Gabriel Makhlouf stated during European trading hours on Friday that the central bank doesn’t have a pre-determined rate path and the decision would be made meeting by meeting.

Remarks

Don't think ECB has a tightening bias.

Two price hikes are part of the ECB's baseline scenario.

If facts point to action, ECB will take action.

Must keep a close eye on facts, will decide in April.

Don't have pre-determined rate path.

Determined to achieve 2% inflation target.

Managing extreme uncertainty.

Market reaction

There seems to be no impact of ECB Makhlouf's comments on the Euro (EUR). However, EUR/USD is down 0.4% to near 1.1540 as of writing.