Denmark Consumer Confidence dipped from previous 6.1 to 4.6 in January

The ECB governing council is not likely to introduce any new change in its monetary policy stance. At today’s meeting the council can be expected to gauge and assess to what extent it can stomach the further fall in the inflation rate in the short term given that inflation is expected to stay negative between March and August. It will also possibly discuss when the central bank would begin to consider further easing. The council likely feels that it is too early to judge whether the volatility seen in the markets, both financial and commodity, will have a significant impact on the achievement of its inflation target. Thus Draghi cannot be expected to signal the need for more rate cuts soon.