Board members of Colombia's central bank are expected to opt for a smaller rate cut when they meet on Friday on uncertainty around inflation, the nation's fiscal situation and policy moves by the U.S.

The European Central Bank is cutting its key interest rate, a step to boost an economy that’s struggling to grow as consumers burned by inflation warily eye price tags and businesses try to chart a course amid political turmoil in leading economies France and Germany.

The European Central Bank is widely expected to cut interest rates for the fifth time since it began easing monetary policy.