Investors are hopeful a potential trade deal between the U.S. and European Union could bring more certainty to markets ahead of next Friday's tariffs deadline.

The European Union and the United States could reach a framework deal on trade this weekend, ending months of uncertainty for European industry, EU officials and diplomats said on Friday. The deal would likely include a 15% baseline tariff on all EU goods entering the United States and probably a 50% tariff on European steel and aluminium,

The European Central Bank is leaving interest rates unchanged as it waits to see the impact of U.S. President Donald Trump’s tariffs on the economy before deciding whether to cut rates again.

The European Central Bank will likely hold off on making another interest rate cut Thursday, choosing to wait until it can measure the size of any economic blow from higher U.S. tariffs. The ECB has already cut rates eight times since June of last year and President Christine Lagarde said after the last policy meeting June 5 that the central bank is “getting to the end of a monetary policy cycle.

The dollar traded sideways against the euro on Thursday after the European Central Bank held rates steady, and was wedged between prospects for higher Japanese rates that supported the yen and worries about political risk after Sunday's elections.