European Central Bank Preview: Interest rate decision on Thursday – by FXstreetNews ECB CentralBanks SEO EURUSD InterestRate
ing. The policy statement will be accompanied by the staff economic projections, followed by the press conference.will helm the presser and her words will be closely scrutinized for the central bank’s future interest rates path. In the lead-up to the ECB policy announcements, EUR/USD has been on a corrective decline from monthly highs while holding the 1.0800 level, undermined by the US Federal Reserve’s hawkish pause on Wednesday.EUR/USD has entered a downside consolidative phase just above 1.
US S&P 500 futures trade modestly flat and the benchmark 10-year US Treasury bond yields cling to the previous gains near 3.85%. The ECB event will likely drive EUR/USD’s action while the US Jobless Claims and Retail Sales data could play second fiddle.European Central Bank interest rates decision will be announced at 12:15 GMT, followed by Lagarde’s presser at 12:45 GMT. Money markets are pricing a 95% probability of the central bank raising the key interest rates by 25 basis points on Thursday, lifting the benchmark Deposit Rate from 3.25% to 3.50%.
Following the inflation data and while speaking at the Hearing before the Committee on Economic and Monetary Affairs of the European Parliament in Brussels, ECB Chief Lagarde reiterated that “underlying inflationary pressures remain high,” adding that there is "no clear evidence that underlying inflation has peaked."
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