EUR/USD trades above 1.1700 as markets await today’s European Central Bank (ECB) meeting. The central bank is expected to keep rates at 2.00%, with President Lagarde’s remarks on future hikes likely to influence the euro’s near-term direction, BBH FX analysts report.

ECB expected to keep policy rate steady at 2.00%

"EUR/USD is down but trading above yesterday’s low around 1.1703. ECB is widely expected to leave the policy rate unchanged at 2.00% for a fourth consecutive meeting. The statement and updated macroeconomic projections should highlight that the ECB is in a good place to keep rates on hold for some time."

"Watch out to see if ECB President Christine Lagarde pushes back against market pricing for rate hikes or shows she is comfortable with them; if she’s comfortable, it will give EUR a boost."