Market movers today

Quotes from Danske Bank: -The main event is the ECB Governing Council meeting where we expect the ECB to remain on hold. The meeting follows after the ECB announced a significant easing package followed by further details about these measures. -In light of this, we expect limited market impact from today’s meeting but Draghi should continue to have a dovish stance, as inflation has declined to a new cycle-low and as the latest activity data have been weak. Expect Draghi to repeat that the ECB is committed to unconventional instruments but to also stress that it takes time before the impact of the June easing measures is seen. -In the UK the Bank of England is expected to keep rates unchanged. The inflation report due to be released next week will be more interesting, as it will give more information about future monetary policy decisions. -German industrial production is expected to increase in June but after the very weak factory orders released yesterday, there is downside risk to the forecast. The figure will give more information about German GDP growth in Q2 but according to the Bundesbank GDP stalled in Q2 as geopolitical concerns, among other factors,weighed on industrial output.

Source: FxWire Pro