The European Central Bank will meet early in the afternoon. Interest rates will be set and a communication will be issued. This is what investors are waiting for. A few days ago there were rumours that the communication would raise the issue of a slight reduction in the economic growth forecasts for the euro area. If that were to happen, the euro should react with a weakening. It is an interesting part of the technical context, as the euro has had a period of consolidation in many pairs. We are talking here about pairs such as EUR/CHF or crosses with the Australian or New Zealand dollar, where the buy-out situation looks the clearest. This seems to be a fertile ground for launching a new downturn, and the ECB’s message may be a good pretext for this.

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