Can weak inflation data change ECB hawks?

Inflation data for December from Germany go released today and HICP has failed to grow at all, with headline inflation coming at zero. Consumer price index on the other hand has dropped to -0.1%, bringing yearly growth n prices to just 0.3%.

Euro Zone inflation numbers will be released at 10:00 GMT and it is widely expected that consumer price index would drop -0.1% in December.

So, the key question everyone will be asking, will European Central Bank (ECB) do more easing?

Weaker numbers would definitely provide boost to ECB doves' arguments to do more not only to boost inflation but to act on the opportunity to boost more. PMI report, throughout 2015, has shown Euro Zone recovery in quite at solid pace and unemployment has also dropped to lowest since 2011 but on both there are scopes to do more.

However, it is unlikely  that hawks of ECB will be persuaded that easily, especially Bundesbank president Jens Weidmann, who might have one vote great influence, since Germany is biggest contributor to Euro zone bailouts, growth and ECB capital base.  Mr. Weidmann likely to argue sighting lower oil price and core inflation. Core inflation in Euro Zone hovering around 1% and lower oil price is greatly contributing to the deflation/disinflation.

Euro is currently trading at 1.087 and might drop on weak inflation numbers but that may not sustain as hawks are likely to reign in next ECB meeting scheduled for 21^st January.