The market will poke an prod at Lagarde's comments on inflation

The ECB statement offered nothing new so it is all about Lagarde's presser today to see if there are any significant changes to the central bank's stance on inflation amid the recent surge in price pressures in the region.

Keep an eye out for any talk about the economic outlook as the inevitable slowdown carries over to next year and also watch for any remarks on how policymakers are viewing market expectations on any rate moves by the ECB.