The Euro remained extremely active on Monday amid the commentary from European Central Bank (ECB) President Christine Lagarde. European Central Bank Lagarde confirmed that Eurozone inflation would remain higher for a longer period and shifted the blame to rising wage pressures. She reiterated that wage pressures have strengthened on the back of robust labor markets and added that employees are aiming to recoup some of the purchasing power.
Upward guidance on Eurozone inflation has strengthened the case for the continuation of bigger rates from the European Central Bank. Investors should be aware that the European Central Bank hiked its interest rates by 50 bps to 3.5% last week despite the demise of Credit Suisse.
Apart from that, investors were curious about the exposure of Eurozone banks to the Credit Suisse debacle. On which, European Central Bank Lagarde claimed that Eurozone banks' exposure to Credit Suisse was in Euro millions, not billions, per Reuters.
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