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Analysts at TD Securities are looking for today’s ECB decision to largely be a summer placeholder after all the big decisions were already taken in June.

Key Quotes

“The initial statement at 12:45pm BST should be unchanged from June, and we don’t look for much new information in Draghi’s prepared remarks at 1:30pm either; the Governing Council will likely take some comfort from what appears to be a decent rebound in Q2 growth (the first estimate will be published next week), but that will be balanced on the downside from further protectionism fears.”

“The Q&A will likely be a bit more interesting though, as we look for President Draghi to be asked to clarify the translation issues around the ECB’s forward guidance on rates. However, we think that he’s unlikely to get overly specific on month-by-month rate guidance, leaving rates and FX little changed on the day.”