Another preview of the ECB meeting later: "Draghi likely to err on the side of caution"

A preview from Bloomberg economist David Powell

Says that the ECB president Draghi will fend off calls from an increasingly vocal group of policy makers for a major change in policy.

Powell says that the next major change to forward guidance probably won't materialise until June, while highlighting that "only concessionary tweaks" are likely to come in today's meeting.

He notes that the pledge to purchase more bonds until inflation accelerates will likely remain but the easing bias regarding the asset purchase program (QE) may be eliminated. It's something that ING Economics also pointed out here.

Regarding the ECB's projections, Powell notes that the inflation and GDP forecasts are expected to be broadly stable.

Here are the other previews on the day for your reading pleasure:

• ECB meeting Thursday - preview: "almost certainly not producing any changes"
• SocGen says ECB may 'confirm gradual shift in policy outlook'
• ING Economics view that EUR/USD will head to 1.26 post-ECB meeting