EZ economy bounces back, but ECB doves hold sway

The uniformly strong surveys for June suggest that the euro-zone economy is recovering at a decent pace from the lockdowns earlier in the year. That might prompt some re-opening inflation – data next week are likely to show HICP inflation above 2% in June – but underlying inflation pressures are still subdued. So the ECB is set to stick to its dovish message, in contrast to the more hawkish signals from the Fed.