From Nomura, this ECB preview seems right in line with consensus.The main event today is the ECB meeting, and we expect it to leave its policy rate unchanged at 1.0% (12:45 BST, Consensus: 1.0%, Previous: 1.0%), but indicate that it is prepared to cut rates and thereby increase expectations for a rate cut as early as July. We do not expect any significant announcement regarding liquidity, and we see only a 30% probability of a 25bp rate cut on Wednesday.
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