ECB and BOE Rate Decisions Next Week (and RBA too)

Market expectations are for all three to hold rates steady, but there is still the potential for significant currency impact depending on the guidance offered by each. The BOE would certainly be justified in cutting rates again, but markets are expecting a delay until the June meeting. The ECB will definitely hold rates steady, but Trichet may be more vocal about the need for the EUR to soften further or highlight recent declines in sentiment and suggest that the growth outlook has deteriorated further, adding to EUR-downside pressure.