ECB’s Villeroy: Monetary patience is more important than activism at present

European Central Bank (ECB) Governing Council member and Bank of France President, Francois Villeroy de Galhau, said on Thursday that “Monetary patience is more important than activism at present.”

Additional takeaways

Duration more important than level.

If we can ensure a soft-landing it's a much better route.

Market reaction

The ECB commentary fails to have any impact the Euro, as EUR/USD keeps its range at around 1.0620 so far this Tuesday.