ECB: No fireworks in the offering – TDS

Analysts at TD Securities are expecting the ECB to keep both rates & forward guidance unchanged in its upcoming meet tomorrow.

Key Quotes

“We think they will look through recent data disappointments and leave the balance of risks unchanged. The overall tone of the opening statement & presser should therefore sound cautious but constructive. The dovish risks we highlight are unlikely to materialize before mid-year.”

“FX: EURUSD may see a modest uptick from current levels as our base case seems a touch hawkish vs market expectations. Our ambition is limited, however. We only see a range break lower on a clearly dovish pivot.”