In just over an hour, European Central Bank (ECB) president Mario Draghi will speak on the back of the ECB's rate decision, against a background of weak demand and falling prices across the euro area.
Michael van Dulken of Accendo Markets says that there is "much uncertainty" as to whether the ECB will "offer anything helpful" today. but with a dirth of tools to tackle the lack of credit growth, a current account surplus, chronic unemployment, excess savings and a lack of nominal GDP growth relative to debt growth, Societe Generale's Kit Juckes says "Mario stands in front of deflationary tanks, armed with a pea shooter." - It's more a question of "can" than "will".
David Madden, market analyst at IG Market Commentary, says that the Eurozone is in limbo, and that an interest rate cut or liquidity injection "could get the region working again."
But the decision to cut interest rates, whether now or in December (which looks more likely), won't, says Juckes, be enough. Whilst the Fed's "proper QE" produces "sharply contrasting trends in money creation", the ECB doesn't have the power to do that - it's a struggle to see how Draghi can drive EUR/USD much lower. Expect, he says, dovish talk at half past one.