Eonia money market futures dated to the ECB's July 25 meeting price in 5.8 basis points worth of interest rate cuts, up from around 4 bps earlier in the week.

According to analysts, this is roughly the same as saying the markets price in almost a 60% chance of a 10 bps rate cut. A cut by September is fully priced in by markets as speculation about monetary policy easing in the near term grows.