There really is only one game in town tonight and that is the ECB meeting at 21:45 and Mario Draghi's press conference at 22:30

There really is only one game in town tonight and that is the ECB meeting at 21:45 and Mario Draghi's press conference at 22:30. It is the most anticipated central bank meeting of the year and it's hard to believe there will be another with so many permutations and scenarios that could really throw so many asset classes around. Recent data has been weak, so the ECB should cut its various interest rates, including pushing the deposit rate (the rate it charges banks to hold funds on its balance sheet) to a negative number. There are other measures which I have detailed in my playbook ((VIEW LINK), so it promises to be a lesson in positioning and understanding exactly what is priced in. Will the ECB surprise the market? There seems to be a growing scepticism that the bank will meet the markets high expectations.