Lagarde speech: ECB won't be guided by short-term economic moves, EUR/USD jumps

The market can test us as much as they want.

ECB won't be guided by short-term economic moves.

ECB will adjust PEPP as needed depending on financing conditions.

To reassess pace of PEPP purchases in due course at a quarterly pace.

Vaccine rollout is short of what ECB has expected.

Hopes that EU recovery fund will be deployed in 2H 2021.

We will give sufficient notice before unwinding stimulus measures.

more to come ...