Uncertainty regarding ECB strategy

Over the past few days speculation about an imminent extension of the ECB QE programme repeatedly put pressure on the euro the single currency was able to appreciate slightly yesterday. The reason behind it was the publication of the ECB Bank Lending Survey. 

The market saw the ECB's positive interpretation (which did not come as a surprise) as a sign that the ECB is likely to wait a little before implementing further easing measures. 

"So tomorrow market attention is mainly going to focus on whether ECB President Mario Draghi's comments will allow any conclusions being drawn on the possible timing of an extension: as early as December or not until 2016? As the data calendar is completely empty for today EUR investors are likely to be cautious ahead of tomorrow's rate decision. And tomorrow we will know more", states Commerzbank.