All but one of the 63 economists polled by Reuters expect the European Central Bank (ECB) to hike its policy rate by 25 basis points in July. 

"A majority of economists in the poll forecast a 50 basis point hike in September, followed by a quarter-point rise in October and December, taking the deposit rate to 0.75%. It is expected to reach 1.50% in the third quarter of next year," Reuters wrote. "Poll medians showed a 45% chance of a recession within a year, much higher than the 34% in the previous poll."

Market reaction

The EUR/USD pair showed no immediate reaction to this article and was last seen posting modestly daily gains near 1.0050.