The ECB is unlikely to introduce any new monetary measures at the meeting, after announcing a raft of stimulus measures in the June meeting. Analysts are looking for more details on targeted Long-Term Refinancing Operation conditions and potential asset backed securities purchase programs.
The decision will be followed by a press conference of ECB President
The strength of euro has been a challenge for the central bank, as it would affect inflation adversely. If the medium-term outlook for inflation worsens, Draghi said that it would conduct large-scale asset purchase program.
The euro area private sector growth eased for the second consecutive month in June as estimated to its lowest in the year so far, survey data from Markit Economics showed.
The figures from Eurostat showed that Eurozone retail sales remained unchanged from the previous month in May.
Retail sales were flat monthly, following a 0.2% decline in April, revised from a 0.4% gain reported earlier. Economists had forecast 0.3% sales growth for May.
The euro rallied to 139.27 against the yen, its strongest since
The euro that ended yesterday's deals at 1.2139 against the Swiss franc rose to a 2-day high of 1.2146. The euro may possibly find resistance at the 1.22 zone.
After advancing to 0.7972 against the pound during early European deals, the euro held steady thereafter. Next key upside target for the euro is seen around the 0.806 region. The pair was quoted at 0.7955 at yesterday's close.
Meanwhile, the euro held steady against the US dollar after recovering to 1.3663, from an early low of 1.3644.
Looking ahead, the US jobs data for June, weekly jobless claims for the week ended
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