ECB's Vujčić: There was no dovish tilt on Thursday

<ul><li>It is possible to cut rates later but with bigger steps</li><li>Personally prefer 25 bps rate cuts to begin with though</li><li>Economy is more in a stagnation phase rather than recession</li><li>The overall picture is good at the moment</li></ul><p>It is again a case of he says, she says when it comes to markets and the ECB at the moment. Policymakers are going to come out to say that they haven't leaned more dovishly yesterday but traders seem to have a different perspective. The odds of a April rate cut are now at ~91% and that is a significant step up from ~72% before yesterday.</p>

This article was written by Justin Low at www.forexlive.com.