London — A June jamboree in central banking is being scratched from diaries as markets now suspect the US Federal Reserve will drag its heels on a first interest rate cut by then and leave the European Central Bank (ECB) to go solo.

Persistent stability in the transatlantic exchange rate despite that shift in policy thinking may well give the ECB heart to push ahead regardless — with euro-dollar still stuck bang in the middle of an 18-month-long 8c range...

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