020 7898 0500Following on from the tone set on Tuesday, we saw the euro pull back slightly from the highs as we approach the ECB meeting later today. Newswires published that the ECB sees scope for changing the tone of the rhetoric in June towards reducing monetary stimulus.
This is a result of the first round of the French presidential election, where it emerged that centrist Macron and far-right Le Pen will go head to head in the second round. Macron currently leads the opinion polls by some distance, though quite what this means given that a lot can change in a short space of time, is anybody’s guess.
Today’s ECB meeting will be deciphered and scrutinised for clues on future policy action. During the press conference there is a Q&A session, in which ECB President Mario Draghi could be asked about the rumours regarding June’s meeting.
Finally, we have the Spanish unemployment numbers and German inflation reading.
