When will the ECB act effectively?

A relatively uneventful week for the euro was concluded in a similar vein on Friday, with the single currency holding relatively flat against its two main peers, sterling and the US dollar. Following on from Thursday’s European Central Bank (ECB) statement, President Mario Draghi was quoted on Friday saying that the ECB remains ‘unanimous in its commitment to using additional and unconventional tools in its mandate’ in an attempt to stimulate some growth into the region and also avoid deflation.

Looking forward to this week, it’s set to be a busy week on data releases. Tomorrow we have industrial production and economic sentiment figures from the region, and on Friday we have the bloc’s monthly inflation level, which will be closely scrutinised. Wednesday will also see Draghi address the Statistics Conference in Frankfurt. Traders will be looking for any elaboration on comments made last week regarding stimulus measures.