The European Central Bank held its key interest rate at 2% at its July meeting, citing an "exceptionally uncertain" environment due to trade disputes. The EU remains locked in negotiations with the U.

The European Central Bank probably isn't going to cut interest rates again on Thursday. That's because the bank's leaders don't know what kind of headwinds they'll be facing from U.S. trade policy.

The pace of central bank rate cuts is slowing as early movers near the end of their easing cycles while sticky inflation keeps others cautious.