The European Central Bank makes its first decision on interest rates for this year this afternoon.
Meanwhile, ECB rate-setter Klaas Knot said the bank should clarify its inflation target, now defined as an annual rate of price growth below but close to 2%, so that it means the same to everyone. Economists had expected no changes, with growth remaining sluggish across Europe.
The question of what the bank can do to play its part in the fight will be a key plank of the ECB's newly launched "strategic review", the first rethink of its tools and goals since 2003. Draghi was one of the most powerful and respected central bankers in the world, and currency markets often reacted to his comments. Eurozone inflation now stands at 1.3%.
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Lagarde will be listened to closely for indications on whether she will follow the ultra-easy monetary policies of her predecessor Mario Draghi amid doubts among some members of its rate-setting Governing Council about the efficacy of keeping the monetary taps wide open amid early signs of an improvement in the Eurozone economy.
Furthermore, a trade deal between the United States and China, and the prospect of an orderly Brexit are lessening the two main risks the European Central Bank had said were clouding the horizon. She said the review would likely take all review.
The ECB could signal its commitment to boosting inflation by raising the goal to 2% and spelling out that it will take any undershooting just as seriously as an overshoot. "If the central target is seen as a ceiling, we have less a chance of meeting it", ECB policymaker Francois Villeroy de Galhau said recently. It also said it sees its asset-purchase program running for as long as necessary and to end shortly before any rate increase. That left EUR/USD little changed ahead of a press conference by ECB President Christine Lagarde at 1330 GMT.
It will look, for example, at how the bank can incorporate climate change into its policy models.