ECB to be buoyed by signs of life in euro area economy

With no change in policy expected at next week's meeting, the ECB is likely to focus on early signs thatthe bond purchase programme is working, alongside a general firming in activity evident in both hard data and surveys. 

However, with potential risks still emanating from unresolved Greek-related issues, any optimism from ECB President Draghi is likely to be tempered, notes Lloyds Bank in a report. 

Despite Greece clearing its most recent hurdle of a loan repayment to the IMF, its funding position remains precarious with the latest Greek reform proposals not expected to be placed before the Eurogroup until the 24th.