Lagarde
The euro has climbed a few pips on a report citing 'ECB sources' saying that officials considered at today's meeting if only one more cut was feasible this year.
ECB pricing is currently for 44 bps in easing this year.
The report says that 'if inflation pressure still linger' policymakers don't want to signal that September is a done deal. However an argument in favor of cutting is that the economy is still weak.
It also said that no one had indicated that September was not in play.
I think the message here is that they want to cut in September but won't be stubborn about it if the data doesn't cooperate.