FXStreet (Łódź) - Yohay Elam, Analyst at Forex Crunch, doesn't see any ECB action today, as the impact of the measures introduced by the central bank in June hasn't become evident yet.

Key quotes

"Draghi could up the ante on QE, giving the notion that this is not a theoretical idea but rather a policy that could be implemented later in the year."

"This could push the euro lower."

"On the other hand, he could note that measures are beginning to reach the real economy and that more patience is needed."

"After the Bundesbank talked about wage hikes in Germany, this topic could be raised by reporters, but Draghi is unlikely to dive into it."

"All in all, Draghi would probably want to convey a message of confidence in the ECB's measures while having a weaker euro after this press conference. That may be hard, but not impossible."

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