ECB’s Bini-Smaghi: By moving early, ECB can hike more gradually

• Hikes can be normalized more gradually by moving early
• If ECB waits longer it would risk steeper rate hikes
• Japanese quake will cut Japanese imports, raise public spending

EUR/USD is trading just above 1.4000 as Bini-Smaghi drives home the idea of rate multiple rate hikes to come.