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Europe Week Ahead: ECB, BoE, EZ PMI, Ger Factory Orders, UK PMIs, -IP
Recent economic indicators in the Eurozone have only strengthened our forecast of unchanged ECB policy rates at the 5 September policy meeting and beyond. We do not expect any particular announcement in terms of unconventional measures either at this stage. However, how the ECB tweaks its communication will bear some importance in terms of the future orientation of monetary policy. For a start, updated staff forecasts will be published and while revisions should remain modest, if any, they will most likely come to the upside. It is not inconceivable either that the balance of risks on economic activity will be ... (full story)