Bloomberg reports
The report says that the ECB aren't quite ready to rush into any additional monetary stimulus at this month's meeting, preferring instead to wait for mode data on the economy, citing officials familiar with the matter.
Adding that the governing council is leaning towards acting during the following meeting in September when they'll have updated economic forecasts to back up their decision. Although, the report says that policymakers might tweak its language this month to signal that more stimulus is imminent.
The euro got a pop on the headline but I'm not seeing any reason for the single currency to benefit here. All this does is cement expectations that they will introduce additional stimulus in the coming months and reaffirms the market view of a 10 bps rate cut in September.
EUR/USD rose to a high of 1.1321 from 1.1298 but is now slipping back to 1.1307. As mentioned above, there's not much reason for the euro to be optimistic here as this mainly reaffirms the case that the ECB will be looking to introduce more easing measures sooner rather than later. But at least there's no mention of QE, for now that is.
