Asian equities were still supportive overnight, and continue to buck the trend. Risk is still bought and the Vix remains subdued. In FX, the ECB Minutes appeared to be quite dovish. This supports the view that aggressive easing is coming in December. However one cannot simply short the Euro...the Eur short/Usd long bandwagon is quite full and it will take ongoing negative news to keep it down.
Looking Forward: markets will continue to scour comments from ECB officials on to what extent the QE programme will be expanded. Today sees scheduled speeches by ECB President Draghi and other Executive Board members, including Coeure, Praet and Constancio. There are no major US data releases today, but Fed speakers include Bullard, Dudley and Williams.
Charts for Today:
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