Investors are likely to be following the European Central Bank meeting on Thursday for its outlook on Eurozone interest rates, after the market was forced to radically rethink its forecasts in recent weeks.
The ECB is now overwhelmingly expected to cut the rate on its key deposit facility by 0.25 percentage points, to 3.25 per cent, at the two-day meeting in Frankfurt. But that outlook is a marked contrast to the consensus after September’s meeting.
Last month the central bank opted to cut borrowing costs for a second time this year, to 3.5 per cent. However the firm consensus among economists was that it would hold steady in October and only move again in December.
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