That will leave investors guessing whether another rate hike is coming in September or if July marks the end of the ECB's fastest-ever tightening spree.
While markets had fully priced in another rate hike just a few weeks ago, investors are now split, with many expecting July's move to be the last.
"We see a 60% probability that the ECB will hike again by a final 25bp on 14 September," Berenberg's Salomon Fiedler said.
"Softer data such as the drop in the Eurozone composite PMI indicate a rising chance that the central bank will stay put in September already."
This is a key reason why the balance of expectations has started to shift away from another rate hike, with economists increasingly focusing on how long rates will stay high.
Persons:
July's, Berenberg's Salomon Fiedler, Isabel Schnabel, Jerome Powell, Anatoli Annenkov, Christine Lagarde, Commerzbank's Marco Wagner, Catherine Evans
Organizations:
European Central Bank, ECB, PMI, U.S . Federal Reserve, Thomson
Locations:
FRANKFURT