Analysts at Danske Bank explain that in the recently concluded ECB meet, President Draghi struck a dismissive tone on changes to language indicating that monetary policy normalisation is only in the very early stage with changes to forward guidance yet to be discussed.  

Key Quotes

"Sequencing is set in stone."

“Growth is still strong and inflation still subdued.” 

“The exchange rate was mentioned twice in the introductory statement as a source of uncertainty that requires monitoring, a sentence that has not been used since September 2017.  In particular, external drivers were used as concerns.”