European Central Bank (ECB) talk is irrelevant jabbering from the market's perspective. In the view of economists at Commerzbank, interest rate policy has to show any sign of effort of emerging from the “behind the curve” position to lift the euro.

Euro susceptible for a revision of the underlying Fed expectation

“The euro is likely to be particularly susceptible for a revision of the underlying Fed expectation, as the ECB has taken the second-strongest possible dovish position amongst the G10 central banks (after the Bank of Japan).”

“The euro can only be supported by action now. That is where the ECB is lacking, even if it talks the talk.”

“I don’t mind which ECB board members talk about what subject in Jackson Hole or what they say at other occasions. I no longer believe that the market will be more than marginally impressed by that.”