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But before the Wall Street open, the European Central Bank (ECB) will hold its policy meeting, which could be an important tone setter for the day. There is some speculation that the ECB will cut rates, a move that would weigh on the euro and send European stocks higher.
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"There's some suspicion they'll cut the benchmark rate by another quarter point," said Boris Schlossberg, foreign exchange strategist at BK Asset Management. However, Schlossberg expects the ECB will just signal that it could move, and then wait until its next meeting to take action. "I think they have to be more dovish in their outlook because the euro zone economy is coming to a halt. If [ECB President Mario Draghi] doesn't do anything, you have probably a small pop in the euro to [1.36] and then we stop and wait for the nonfarm payrolls."