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ECB ready for QE adjustment if needed

Monday, Oct 12 2015
It is a steadier Monday's session with no data releases from Eurozone and with US banks being closed in observance of Columbus Day. On Friday, ECB President Mario Draghi said that the central bank is ready to adjust its large-scale asset purchase program known as quantitative easing, if needed. 
 
Draghi said, “In the light of renewed risks that have emerged on the back of recent developments in global and in financial and commodity markets, we are closely monitoring all relevant incoming information and are ready to use all the instruments available within our mandate to act, if warranted. In particular by adjusting the size, composition and duration of the asset purchase program.” 
 
He also added that “headline inflation is expected to remain very low in the near term, until upward base effects relating to energy prices push it up towards the end of the year. Inflation rates are foreseen to rise further during 2016 and 2017.” 
 
Euro is currently being traded around 1.1380 level. Pair is likely to find support around 1.1330 level and resistance above 1.1430 area. There will be no major data releases in the rest of the session.
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