ECB rhetoric and low inflation to confirm further easing

ECB speakers this week, including President Draghi and Vice President Constancio (both Monday), along with the ECB's October meeting minutes (Thursday) should confirm the view that further ECB easing is imminent and will include both an extension of the current QE programme and a 10bp deposit rate cut to -30bp, providing a catalyst for further EUR weakness.

Also Monday, final headline and core October euro area inflation are widely expected to be confirmed at 0.0% and 1.0% y/y, respectively, underscoring the need for further policy stimulus.