The ECB will announce its latest policy decision on Thursday with a press conference from President Lagarde. There are no expectations of any change in interest rates. The commentary will, however, be watched very closely, especially with the central bank announcing its revised inflation target earlier this month. Market expectations are for generally dovish rhetoric with forward guidance and any announcements on the bond-buying programme important for Euro sentiment.

Tight ranges prevailed on Thursday ahead of the ECB announcement with EUR/USD just below 1.1800 as immediate defensive dollar demand remained lower.

12.45 pm – ECB rate decision (1.30 pm press conference): no change in rates or policy expected, but a focus on a potential tapering of asset purchases may prompt some volatility in eurozone stocks and the euro. Markets to watch: EUR crosses, eurozone indices.

3 pm – Eurozone consumer confidence (July, flash): Expected to fall to -4.2. Markets to watch: EUR crosses.

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