The European Central Bank (ECB) announced Thursday (July 18) that it would keep interest rates unchanged, but may change by the next quarter. 

Reuters said that ECB's September meeting might become "wide open" as it downgraded its view of the Eurozone's economic prospects and the consistent drop in inflation. 

It is understood that the central bank is having issues on how to approach disinflation that it has been more cautious about a follow-up step. 

However, the bank said that it would not pre-commit to any rate path and would allow data to guide decisions. 

CNBC reported that the last time interest rates were changed by the ECB was in June after implementing a rate cut. 

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Speculations of ECB Cutting Rates in September

Investors have been speculating that another inflation reduction is underway, with a comment made by ECB President Christine Lagarde that risks to growth were "tilted to the downside." 

She added that growth was likely to have slowed in the second quarter, with investment activity and poor industrial output as factors. 

For JPMorgan economist Greg Fuzesi, a September cut would "firmly" remain on the agenda. 

Such comments would reinforce expectations that weak activity would continue to suppress price pressures in the European economy, which would allow the SCB to further cut rates once every quarter. 

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