Risk of euro area's inflation data disappointing

Most recently there had been increasing debates about a possible extension of the ECB's QE programme. Today's data would be quite suitable for fuelling a debate of this nature, as the rate of inflation is likely to have eased to 0.0% or even -0.1% in September, said Commerzbank in a research note. Of course it may easily be overlooked in this context that the core rate remains at 0.9%. 

Yesterday's comments by Jozef Makuch (Slovakia) and Ewald Nowotny (Austria) might easily take the wind out of the sails of such speculation. Both commented that an extension of QE was not currently advisable. Should the data disappoint to the downside the ECB would at least have prepared the market. The ECB nonetheless risks creating the impression that it is fighting windmills when it comes to inflation.