ecb european central bank rate cuts monetary policy Governing Council Peter Kazimir Pierre Wunsch inflation target monetary tightening Eurozone economic outlook IFO eur/usd currency market exchange rates Seasonal trends holiday period rate differentials market conviction economic data central bank communication repricing interest rates peak pessimism sustainable rally. What is the key focus of European Central Bank (ECB) members regarding rate cuts How have ECB officials coordinated their pushback on rate cuts What are the expressed risks associated with premature rate cuts according to Peter Kazimir What condition does Pierre Wunsch highlight for discussing rate cuts Despite coordinated pushback what does the market continue to anticipate about ECB rate decisions What role does data play in influencing a more material repricing in ECB rate expectations How does the recent Ifo data from Germany contribute to the economic outlook in the eurozone During the holiday period what is the expected trading range for EUR/USD Why might EUR/USD trade above 1.10 during the holiday period What factors are considered when assessing the sustainability of a rally above 1.10 for EUR/USD How do rate differentials impact the argument for a sustainable rally in EUR/USD What are the seasonal trends that influence the dollar during the holiday period What role do central bank communications play in shaping market expectations How does the market interpret economic data concerning the eurozone What does the term "peak pessimism" refer to in the context of the eurozone economic outlook