Most importantly, the ECB has appeared primarily focused on inflation concerns as opposed to the growth discussion. Sintra was the stage for pivots in the monetary policy message in past editions, but this year, the message may be a reiteration of the hawkish tone we heard after the latest policy meeting: a hike in July is necessary, one in September is up for debate. 

President Christine Lagarde delivers her introductory speech this morning, and then we’ll hear from Panetta (a dove) and Schnabel (a hawk). 

Ultimately, EUR/USD may not be trading far from 1.0900 at the end of the Sintra summit.