Markets will focus almost entirely on the European Central Bank (ECB) meeting next week following the recent change in monetary policy strategy. “The Institute, in fact, according to what Lagarde said, will introduce the decision with a new press release format and will also make changes to the forward guidance to take into account the new inflation target”, comment the strategists of Mps Capital Services and indicate that in addition to the ECB, the preliminary PMI data for July arriving in Europe and the USA should be kept under observation. “Those of the Eurozone – continue the analysts – should highlight a continuation of the recovery of the services component, in light of the reopening, while in the United States it will be important to see if further signs of slowdown arrive after those already seen in the ISM indices”.