The European Central Bank meets today amid intense speculation slackening euro zone growth and receding price pressures will persuade it to deliver its second-ever interest rate cut.
But the absence of clear signals from the ECB a rate cut is imminent suggests the outcome of today's meeting may not be certain.
Mounting pressure from business and politicians may in fact cause the ECB - fiercely protective of its independence - to hold off a little longer, some analysts said.
Financial markets and analysts have been gearing up for a quarter point easing despite the ECB's insistence monetary policy is not hampering growth and that its six-month wait-and-see stance remains intact.
Economists see a compelling case for at least a moderate cut in euro zone rates as evidence mounts the global slowdown which started in the US last year would continue to feed through into the euro zone economy.
Both euro zone business confidence surveys and recent revisions to economic forecasts signal slower growth ahead.
Yesterday the OECD cut its forecast for euro zone growth to 2.7 per cent this year from previous 3.1 per cent and said the prediction was based on the assumption the ECB would cut its rates by a quarter point soon.
But markets have homed in on recent ECB comments pointing to receding price pressures stemming both from more moderate money supply growth and slower economic expansion and suggesting the bank was more relaxed about inflation risks.
Financial markets have positioned themselves for a quarter point ECB cut today with some players hoping for a bigger half-point move.
Refusal by the ECB to cut this week is expected to hit the euro and push yields on short term euro debt moderately higher.
But the impact is seen as short-lived as no action this week is seen just delaying the inevitable for another few weeks.