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Euro stable ahead of ECB Meeting tomorrow Market outlook continues to take on a generally outlook of consolidation as a quiet week builds towards what

Wednesday, Oct 21 2015
could be another key ECB meeting on Thursday. Equity markets, forex and commodities have all bee unable to find much direction in the past could of days. There is a split of opinion over whether the ECB will be ready to announce further easing measures tomorrow, an issue further muddied by news that there has been s light improvement in bank lending in the Eurozone recently.
 
Draghi said at the central bank's September meeting that policy makers stand ready to expand their program of EUR60 billion ($67.98) in monthly purchases of private and public debt if the prospects of inflation and global growth deteriorate. At its September meeting, the ECB clearly signaled it was becoming more worried about the outlook for inflation and, consequently, more willing to ease. Downward revisions to the ECB staff projections for economic growth and inflation (for the 3‐years of the projection) while not big in magnitude, point to a lasting weakening of economic growth and the inability to reach the inflation target in the medium term.
 
Euro is currently being trade around 1.1350 area. Pair is likely to find support around 1.13 level and resistance above 1.1380 area. There will be no major data releases later in the session.
More in this category: « UK budget deficit at the lowest rate since 2007 U.S crude oil inventories increased by 8.0 million barrels »

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