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Market Extra: It’s this number from abroad — and not the ECB update — that will likely drive the euro

The European Central Bank policy update is on deck for Thursday, but little new is expected from ECB president Mario Draghi. Instead, euro traders are looking to Friday’s U.S. GDP numbers as a potential driver for the shared currency.

In Thursday’s monetary policy updates, due at 7:45 a.m. Eastern U.S. time, followed by a press conference at 8:30 a.m. Eastern, the ECB isn’t expected to make any waves.

Since its June update — in which Draghi & Co. announced that asset purchases would be tapered further into year end but that rate hikes weren’t on the cards until well into 2019 — market expectations for the ECB have been muted.

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