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What to watch

MARKET INSIGHT
  • Lagarde's interview this morning focused little on monetary policy, but this afternoon's Accounts of the ECB's July monetary policy meeting will be read with interest. Recall that the ECB raised rates by 50bp (against prior guidance of 25bp) and the forward guidance was watered down a lot in favour of more data dependency going forward. The Accounts will be read for any hints as to how the ECB will treat the trade-off between higher inflation and slowing growth.
  • With that in mind, too, this morning sees French confidence data released at 7:45BST / 8:45CET with German IFO data at 9:00BST / 10:00CET, as ell as Belgian business confidence data due for release at 14:00BST / 15:00CET.
  • Elsewhere, the second print of US GDP will be watched at 13:30BST / 14:30CET today.

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