It seems most plausible that the ECB will be cautious when it comes to the first interest rate cuts. Even if it is unlikely to deny that interest rates could fall over the course of the year, it will probably try to dampen premature expectations. Of course, it remains to be seen whether it will succeed.

There are no more data heavyweights due before the meeting. In the run-up to the meeting, the FX market is likely to be reluctant to trade the EUR lower.