ECB meeting and press conference
The European Central Bank is set to deliver its rate decision at 14:45 MT time. The announcement will be followed by the press conference at 15:30 MT time.
After Emmanuel Macron’s victory in French presidential elections, political risks in the euro area have subsided. The region’s economic growth is also gradually picking up. These changes make the market players expect that the ECB will switch from an ultra-loose monetary stance to the more neutral one. Such decision will be positive for the EUR. If the ECB President Mario Draghi mentions the timing of QE taper in the course of the press conference, it will provide a boost for the euro. However, remember that the ECB doesn’t like expensive euro and Draghi may try to talk the euro down. During the first 20 minutes after the start of the press conference the European currency may several times change direction.