The euro zone economy has remained resilient to the pervasive uncertainty caused by a global trade war, a slew of data showed on Friday, even as European Central Bank policymakers appeared to temper market bets on no more rate cuts.

European Central Bank Executive Board member Piero Cipollone said the economy is sending “conflicting signals” as officials wait for more clarity before taking a fresh view on whether interest rates need to be lowered any further.

Policymakers must remain agile, noting that the stronger euro was having a significant disinflationary effect, Bank of France Governor Francois Villeroy de Galhau said.

Risks to the euro zone inflation outlook remain balanced as the changes since June broadly offset each other, European Central Bank board member Piero Cipollone said in a newspaper interview.

European Central Bank policymakers pushing for another reduction in interest rates face an uphill battle, according to people familiar with the matter.

ECB President Christine Lagarde left economists and investors a little less certain as to when, or perhaps even whether, further easing will arrive.

In notes dated July 24, Goldman said it no longer expects the ECB to deliver a rate cut this year, while J.P. Morgan has pushed its rate-cut forecast to October from September previously. On Thursday, the ECB held policy rates unchanged at 2% after having cut interest rates eight times since June 2024.

In June, the ECB lowered its key deposit rate for an the eighth consecutive quarter-point reduction. President Donald Trump thinks the Fed should follow suit.

Futures data from IG suggest a positive open for European indexes as hopes of a U.S.-EU trade deal rise, with London's FTSE 100 seen opening 0.4% higher, France's CAC 40 up 1.3%, Germany's DAX up 1.1%, and Italy's FTSE MIB 1.24% higher.

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