Global macro overview for 16/07/2015:

The ECB will announce its latest monetary policy decision today. The market does not expect any rate cuts, but the ECB might surprise the market just like BoC did yesterday and cut its rate to the levels never seen in the history of EU. Nevertheless, the markets might focus more on the press conference of ECB president Mario Draghi, because of a possible increase by ECB the emergency liquidity assistance (ELA) to the Greek banks. Please notice that Greece had made the first step to secure its third €86 billion bailout programme as the Greek parliament had approved the deal with creditors.

Moreover, some other important data will be released together with the rate cut decision and the schedule looks as follows ( all times GMT):

09:00 Eurozone Consumer Price Index Jun 0.2% y/y 0.2% y/y

09:00 Eurozone Consumer Price Index Core Jun 0.8% y/y 0.8% y/y

11:45 Eurozone ECB Interest Rate Decision Jul 0.05% 0.05%

11:45 Eurozone Deposit Facility Rate Jul -0.20% -0.20%

11:45 Eurozone Marginal Lending Facility Jul 0.30% 0.30%

12:30 Eurozone ECB Press Conference

EUR/USD reaction for any unexpected rate cut will be sharp sell-off towards the levels of 1.0811 or even 1.0659.