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Subdued Eurozone inflation bolsters expectations for further QE

An aggressive selloff was observed in Euro following the static Eurozone inflation reading of 0.1% which reinforced the growing expectations that the ECB will implementfurther stimulus measures on the 3rd of December. The release fueled the bearish sentiment which investors had acquired towards the Eurozoneeconomy and this may leave the EUR vulnerable to more losses. Whilst Mario Draghi’s repetitive dovish rhetoric towards the Eurozone economy has consistently devalued the Euro, today’s stagnant CPI reading may have provided a compelling case for the ECB to do what it must to reinvigorate economic growth in the European economy. Moving forward the euro may be exposed to more downwards pressures as investors increase bets on more quantitative easing by the ECB. If the ECB do further monetary policy, the Euro may experience an unprecedented depreciation which may make the dreamof parity against the Dollar a reality.

The EURUSD experienced a near 40 pip drop as the strengthening divergence in both monetary policy between the United States and Europe encouraged sellers to attack the pair in its moment of weakness. November’s subdued European CPI reading has fortified the expectations over the ECB easing monetary policy further in December and this may prevent any possible recovery in the Eurodollar, even after a heavy month of selling. This pair is heavily depressed, both technically and fundamentally and with little signs of a bounce back it can still decline to the 12 year low at 1.0461.

After managing to extend to weekly highs of $42.58 on Monday, WTI oil reversed the rally after a survey suggested that oil production from OPEC in November would possibly be higher. The strengthening Dollar may also have attributed to the factors which have pressured prices as commodities are priced in USD. WTI oil remains fundamentally bearish and with the reoccurring theme of an excessive oversupply in the markets complimented with the sluggish global demand haunting investor attraction, there may be a potential for a further fall towards $39.

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