Forex Flash: Central bank transparency not embraced by ECB – UBS

According to Research Analyst Garth Berry at UBS, “The BoE may be moving further in a dovish direction, however the market is making part of that determination based on incoming Governor Carney's general commentary, while we believe that policy volatility is not being fully priced into options markets.”

For the ECB, after a strong run fully pricing in a 'whatever it takes' new leadership, investors certainly do appear to be having cold feet over the appointment process; what was supposed to be a one-way trade is proving more difficult. The ECB is certainly on message, but it is one of the handful of central banks which does not publish minutes, and does not intend to do so in the near future; one can only imagine where the euro will be trading right now if the internal clashes over the ECB's role in the crisis were brought out into the open – though one could argue that the splits at one point were already clear enough before Draghi actually uttered 'whatever it takes'.