The president of the European Central Bank (ECB) is expected to conjure his powers of allusion on Thursday with uncertainty over Brexit still looming large on the horizon.
Mario Draghi - well known for tough "whatever-it-takes" promises - will be up in front of the cameras following the ECB's rate decision Thursday where the bank is widely expected to hold off on any new announcements or rate cuts.
The ECB is already pumping 80 billion euros ($88 billion U.S.) a month into the fragile euro-zone economy and a dearth of fresh data means it will likely hold off on any further moves following the U.K. referendum. Economists are expecting a hit to global growth due to Brexit and euro-zone economies are expected to be particularly vulnerable.
On Tuesday, one of the first useful data points released since the Brexit vote showed that German investor morale had fallen in July to the lowest level since November 2012. However, the ECB's quarterly lending survey on Tuesday stated that euro zone banks did not expect any credit shocks from Britain's decision to leave the European Union, and they estimated lending to continue to rise at a moderate pace in the third quarter of this year.
This will surely buoy Draghi who still faces criticism that his still of easing is actually trickling down to the real economy.
But for all the hints that Draghi might give this week, market participants really have their sights set on September - which will coincide with the bank revising its inflation forecasts.
