Important events today:

12:00 UTC – GB: Bank of England main interest rate decision.

12:45 UTC – EU: Publication of the decision of the ECB on the main interest rate.

The ECB will announce the results of its first monetary policy meeting this year. ECB officials have often said last month that high inflation in the eurozone is temporary and they do not plan to end stimulus measures and raise interest rates this year. Inflation in the eurozone is now at 5.1%, lower than in the US, but the highest since the introduction of the euro in 1999. Since the eurozone has been in deflation for a long time in the past decade, the Central Bank is now extremely cautious in drawing conclusions about rising inflation.

In my opinion, the head of the ECB Christine Lagarde today will limit himself to a set of routine phrases that the economy needs incentives, but the regulator can adjust its policy at any time if necessary. This event will not have a strong impact on the euro today.

Conclusions: Sideways 1.1250 -1.1350.