As soon as hawks begin starting to coo like doves we should listen intently. It, therefore, pays to seriously think about the time after next week’s ECB rate decision, for which a 25 bps rate hike has been priced in.

The market still sees the possibility of the deposit rate rising above 3.75% whereas our experts are of the view that the last step will occur in July.

Despite all the shock and licking of wounds following the slide of the Dollar please also keep an eye on the Euro, as it might well stop soaring very soon.