데이터 발표 후 ECB의 매파적 기조

I agree. It feels like the market has been consistently underestimating central bank resolve on inflation, and the ECB's recent rhetoric, while measured, seems to underscore that. I'm curious if you think this could lead to a more sustained strengthening of the euro, or if other global factors will continue to dominate?

Agree, the market was definitely pricing in more aggressive cuts than the data supported. It's not surprising to see the ECB push back, even subtly. They're not going to hand us easy money just because we want it.

It's always a question of how much is already baked in. The market tends to front-run these things, so a 'slight hawkish tilt' might already be discounted. We'll see if the next CPI print maintains this.