Economists expect the ECB to postpone changes in its quantitative easing program. The member of the ECB's Executive Board, Sabine Lautenschlager, holds the same view on this issue. Mario Draghi stressed in his speech that the European Central Bank has a plan to continue monitoring the decrease in the inflation rate watching for any signs of deflation with the quantitative easing program as the major instrument to boost consumer prices.
The inflation rate in the eurozone hit 0.3% and the GDP in the third quarter came in at 0.8%.
The statement of ECB President Mario Draghi had a considerable impact on the forex market. Shortly after his speech, the single European currency jumped against the US dollar.
The EUR/USD pair is currently trading several pips below a high of 1.1386, which was reached last Friday. The next resistance level is seen at 1.1400. The pair is expected to test the long-term resistance at the level of 1.1460 with support found at the levels of 1.1340/50 and 1.1290.
The euro is partially fixing profits in the terms of a very thin marker. Market participants are awaiting speeches of Governor of the Bank of Canada Stephen Poloz and the Fed's officials, which are scheduled for today. Their comments are likely to trigger sharp fluctuations in the market.