Watch live: Lagarde up next as the ECB precommits to July hike

The ECB rate decision has helped to boost the euro by about 20 pips as the market prices out the risk of 50 bps in July and boosts the chances in September.

Lagarde herself will fine tune expectations in the ECB press conference. Watch it live here:

Here's a good take from Aren Petimezas, senior analyst at AFS Group, via Reuters:

""I think it is pretty weak. I don't understand why they don't end negative rates at one go in July. Instead they fix July at 25bps. They also make the same mistake of lowballing inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term in their new forecasts. 50bps in September is thus very likely. The 'sustained' and 'gradual' language suggest they see more hikes in 2023 than is currently priced in by OIS. It would be better if they acted more forcefully in the near term instead of pushing things out to the future, which as we all know is very uncertain."