We get the ECB announcement (1145GMT) and then Dr. Draghi’s news conference (1230GMT) today – all right after the Bank of England at 1100GMT.

  • The ECB is expected to keep rates on hold despite continued calls for more action
  • Main refinancing rate is currently at 0.15%, the current deposit rate is negative. No change expected.
  • Also, although we are expecting some sort of QE program from them in the future … nearly all analyst are not expecting it today. Even though Italy has slipped back into recession and German Factory orders for June collapsed, its thought the ECB will continue to assess the measures it introduced in June … and keep on assessing for the rest of this year.
ECB's Dr. Draghi  looking relaxed

ECB’s Dr. Draghi looking relaxed.