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What would be a dovish ECB taper?

Given upward pressure on the single currency, we now see the ECB tapering its asset purchases over nine months instead of six next year. We still expect it to announce the full programme in advance, which is arguably more hawkish than the step-by-step approach that markets seem to envisage. But it could limit any further rise in the euro by strengthening its forward guidance about interest rates.

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