[Strategist: ECB Rate Hike Expectations Priced In, Limited Euro Volatility Likely] June 11, Jin10 News – Forex strategist Karamanis stated that euro options indicate traders expect the European Central Bank (ECB) to once again pass today's meeting calmly, as rate hikes have been fully priced in by the market. This meeting is largely seen as procedural. If officials hint at the possibility of consecutive rate hikes in July rather than pausing until September (the swap market currently prices this possibility at less than 50%), the euro may experience some volatility. However, for the forex market to see greater turbulence, the pricing of three rate hikes before the end of the year would need to face substantial challenges. In this regard, Lagarde is unlikely to make much of an impact—she is expected to provide little in the way of clear guidance beyond reiterating that future decisions will depend on data.