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Euro has taken a sharp beating last week, dropping more than 300 pips in two trading days as European Central Bank (ECB) president Draghi indicated that governing council will seriously be considering revisions to its already large enough asset purchase program based on December staff macro-economic projections and economic dockets in between.
- Based on Mr. Draghi's communications it is clear that governing council members are not only considering all options ranging from lower interest rates to simultaneous adjustment to the program both in size and time.
- Moreover, what caught market by surprise that some policymakers were ready to take actions in last week's meeting but the council altogether preferred to wait for further evidence.
So which data to watch out for?
- Euro zone is on growth path. It may not be very strong yet but evidence are plenty that economy is headed towards right direction. However policymakers at ECB are focused on inflation more than anything, which has dipped to -0.1% in September.
- Inflation numbers along with inflation expectation (both survey based and market based) are most vital to watch out.
What to expect out of Euro?
- Euro could easily drop towards parity against Dollar if ECB comes with a bazooka and even drop further if FED becomes confident enough to hike rates in December meeting.
- Near term focus for Euro is towards 1.08 area against Dollar.
