IFR Euro Outlook: Brexit deadline Sunday leaves ECB to dominate today

...The risk-off price action seen overnight may be warranted given the developments regarding fiscal stimulus in the US and Brexit, but there is also a feeling of extreme positioning being worked off. A 0.8% slide for the S&P 500 may not be good news, but it isn’t terrible, especially from record highs. Regarding the lack of resolution for Brexit, this had already been going around to some effect before Europe’s close Wednesday, so shouldn’t be a complete surprise, even if it mounts the pressure on policy makers (and markets) through the weekend.

For all that, it does leave us with this afternoon’s European Central Bank meeting as the main event. For the outcome, significant easing is universally expected.

The obvious starting point is...