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Analysts at TD Securities are looking for a relatively unchanged message from the ECB tomorrow as are expecting the policy statement likely to be unchanged and are not anticipating TLTROs, as growth risks remain tilted to downside.

Key Quotes

“Forecasts will be revised down sharply, however, in all but the hawkish scenario.”

FX: Familiar ranges to prevail unless Draghi opts for a clear policy pivot. With positioning light and catalysts elsewhere sparse, markets may chase a move above 1.14 or below 1.12 if a clear message emerges. Otherwise, we expect vol to ratchet lower in its wake.”