We expect today's ECB meeting to be another wait-and-see one without any new easing measures, see ECB Preview: Wait-and-see until June , 5 May 2014. Mario Draghi is expected to continue to sound very dovish as inflation in April again was below ECB's expectations, EUR/USD continues to edge higher and bank lending remained subdued in March. However, the ECB is expected to refrain to at least June when it will release revised economic forecasts.
Today's Bank of England (BoE) meeting is expected to be close to a non-event with no one expecting any change in either BOE's target for its asset purchase program or the bank rate. The inflation report next week will be much more interesting as it could signal a shift towards an earlier rate hike in light of the recent strong data.
The data calendar is relatively light today. In Germany the weaker-than-expected industrial orders released yesterday suggest downside risk to today's industrial production for March.
The Norges Bank rate announcement is due at 10:00 CET. We expect rates and signals to be left unchanged.
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