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The European Central Bank (ECB) kept its key interest rates unchanged on record lows, therefore also its monetary stimulus unchanged, as widely expected. ECB President Mario Draghi seems to be willing to hold on to the central bank’s ultra-expansive monetary policy bias, disappointing hopes of many market participants to deliver a clear signal for a change in policy. Despite signs of an improving economy in the euro zone, the central bank seems to regard the inflation trend as too uncertain. However, Draghi also said that the ECB could start discussing whether a policy adjustment is appropriate.

Investors are awaiting today’s ECB monetary policy announcement with anticipation. Although the central bank will leave its key interest rates unchanged, many analysts expect the time has come for ECB President Mario Draghi to prepare capital markets for a turnaround in its monetary policy bias.

Recently disappointing U.S. economic data and not fully convincing earnings results from Wall Street banks pressured stocks and the U.S. dollar. In Europe, a stronger euro and a slight deterioration in sentiment among
German financial experts caused investors to remain cautious.

In the USA, the Empire State index joined a recent series of weaker-thanexpected economic indicators. And the White House and Republicans failed again to scrap Obamacare, clouding the administration’s broader agenda, sending U.S. stock futures and the dollar lower.

The world’s second-biggest economy grew at a moderately stronger-thanexpected pace of +6.9% in the second quarter, the same rate as in the first three months. Growth was supported by solid foreign trade and capital
investments. While China’s GDP data raised some optimism, latest U.S. data could not really convince investors.