ECB may be nearly a non-event - BBH

Research Team at BBH, suggests that the ECB meeting is the main highlight today, but with any firm decision about its asset purchase programs two months off, this may be nearly a non-event.  

Key Quotes

“At his press conference, Draghi may do little more than dangle a carrot in front of investors.  He will likely reaffirm the inflation outlook is the key consideration, and the central bank has the tools, will and mandate to do more if necessary.  The March 2017 end date of the purchases has always been rather soft, and this ECB's flexibility likely will also be stressed. 

The euro continues to trade quietly, but with a heavier bias.  It made a marginal new three-month low just above $1.0950 to match the July 25 low.  Below there, the referendum low was closer to $1.0915.  The euro is the largest component of the Dollar Index.  As we noted in the weekly technical note, the 50- and 200-day moving, averages were poised to cross, and indeed today they have. Some technicians see what is dubbed the Golden Cross as a bullish signal.”