We'll find out at 11.30 GMT hot on the heels of the BOE MPC Minutes and ahead of the FOMC release later
The RBS client note comes courtesy of our friends at efxnews.com
The ECB did not make changes to its policy rates or to its QE program, but President Draghi made it clear that downside risks to the outlook for growth and inflation have increased in light of weakness in China and other emerging market economies,
"Unlike some other central banks who have taken a more "wait and see" approach to measuring China's potential impact on domestic growth and inflation, such as the BoE, the ECB took a proactive stance, revising its outlook to reflect new risks and stressing its ability to respond to a deterioration to the outlook for inflation. Mr. Draghi's extremely dovish press conference tone is very likely to be reflected in the accounts of the September meeting,"
"While our long-held view that the ECB will enact more QE is quickly becoming consensus, any evidence that the ECB discussed making a change in its purchase program alongside the September forecast update could enhance expectations that increased bond purchases will likely occur sooner rather than later, weakening the EUR,"
For what it's worth I agree and don't see much by way of surprise in the Minutes today. Various ECB members have been leaving the door open lately for added QE and we certainly can't rule that out
I do remain a buyer of euros in the dips though still
Draghi keeping options very much open
