Economic calendar: Focus on ECB meeting and US inflation

• European markets seen opening flat

• ECB to announce rate decision at 12:45 pm BST

• US CPI inflation data expected to show another increase

European futures markets point to either flat or slightly higher opening of the cash session for most blue chips indices. Ranges on the FX market are narrow as the market awaits two big events today - ECB meeting and US CPI inflation data.

European Central Bank is expected to leave rates unchanged. There was some speculation that bond purchases may be lower but comments from ECB members seemed to reject that idea. Market also expects little to no changes to economic forecasts. Press conference of ECB President Lagarde at 1:30 pm BST may offer some further details. US CPI data release looks to be more interesting. Expectations point to another steep increase but what would the market do if data shows even higher figures? Last time we saw a big beat but post-release weakness on the stock markets was short-lived.

12:45 pm BST - European Central Bank rate decision

1:30 pm BST - US, CPI inflation for May.

• Headline. Expected: 4.7% YoY. Previous: 4.2% YoY

• Core. Expected: 3.4% YoY. Previous: 3.0% YoY

1:30 pm BST - US, jobless claims. Expected: 370k. Previous: 385k