The ECB’s monetary policy decision is due tomorrow, but with a rate hike this week unlikely, trader’s will be paying closer attention to forward guidance.
ECB members, including President Lagarde, have been looking increasingly hawkish in recent weeks as Eurozone inflation continues run rampant. This has also helped the Euro recover from its mid-May lows, but EUR/USD still remains in a steady bearish channel with the most recent leg higher stalling around trendline resistance.
Check out this article for a deeper insight into what tomorrow’s ECB meeting may entail, and how it could impact the market: