Yes, European Central Bank day coming up during Europe time. Here are some earlier preivews:
- ECB preview: Is this Draghi's last chance to talk down the euro?
- European Central Bank meet today - the times to watch (announcements etc.)
- BoA / Merrill Lynch on what to expect from the European Central Bank today and further out (this is a long piece)
This now, from National Australia Bank:
- The ECB meeting is the highlight in Europe and again like Japan, a no change in policy is unanimously expected.
- The fact that a Le Pen - Mélenchon (both eurosceptics) outcome was averted in the first round of the French election and that Macron, a pro-European centrist, is in pole position to win, is no doubt a positive for the ECB.
- Economic activity indicators are also at a six year high, but with the inflation wobble in March we suspect the Bank and President Draghi will look to keep things stable and wait until the June meeting to make any shift to its forward guidance.
- A tight lipped Draghi at the press conference could hamper EUR gains, but he could find it hard not to talk the economic outlook up.