Capital.com senior market analyst Daniela Hathorn said markets broadly expect the ECB to raise rates at tonight's meeting; the key focus will be how President Lagarde characterizes the move — as a one‑off or the start of a broader tightening cycle. If the ECB stops short of ruling out further hikes, the euro could receive support, particularly versus currencies whose central banks are more dovish; if markets view additional tightening as likely to worsen already fragile euro‑area growth, euro up

Capital.com senior market analyst Daniela Hathorn said markets broadly expect the ECB to raise rates at tonight's meeting; the key focus will be how President Lagarde characterizes the move — as a one‑off or the start of a broader tightening cycle. If the ECB stops short of ruling out further hikes, the euro could receive support, particularly versus currencies whose central banks are more dovish; if markets view additional tightening as likely to worsen already fragile euro‑area growth, euro upside may be limited.