Market impact likely to be very limited on the ECB toolbox

Tenyear Bund yields and periphery spreads are currently around the same level as before the Greek referendum was called on 26 June.

"As both policy and communication about the policy outlook are expected to be unchanged as well as most questions to focus on Greece, the market impact of Thursday's ECB meeting is likely to be very limited", says Danske bank.

Although Greek newsflow has moved the markets over the past three weeks in particular, movements have been significantly less than around previous Greek bail-out negotiations. 

Thus,  it will require Mario Draghi to reveal new details on the ECB emergency toolbox to move the markets significantly and this does not seem likely, with markets welcoming the deal on Monday and after it proved sufficient for the ECB to do nothing but state its readiness to act.