Danske Research discusses its expectation for next week's ECB September policy meeting.
"When ECB President Mario Draghi takes the stand next week, we do not expect it to be a big event for EUR/USD.
The first reason for this is that the ECB has already announced tapering of its asset purchases and pushed the debate about a rate hike well into 2019.
Second, in recent years, the ECB has preferred to prepare the market in advance of monetary policy meetings, which means ECB meetings have not been market movers for quite some time.
Over the past couple of years, the press conference has not moved EUR/USD more than around +/- 0.3%. As we see little possibility of the ECB announcing any substantial news at next week’s meeting, we look for this pattern to continue," Danske argues.