The euro should benefit from the prospect of the European Central Bank becoming more restrictive with its policies for some time if the Russia-Ukraine conflict doesn't deteriorate significantly. The ECB's indication that it will start raising interest rates will in July followed by further rises is positive for the euro. We now expect the ECB to raise its deposit facility rate to 1.25% by May 2023 from -0.50% currently. That means that at every meeting between July and May 2023 the ECB will hike its key rate by 25 basis points each. - Commerzbank FX Research

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