The ECB's cumulative rate cuts during the year were 96 basis points

Following the release of the Eurozone PMI data, money market pricing suggests that the ECB will cut rates by a cumulative 96 basis points for the year, down from the 161 basis points priced in last December. Meanwhile, the likelihood of a rate cut in April was further extrapolated to around 39 per cent. The likelihood of the ECB cutting rates for the first time in June now appears to be the most likely.