Draghi gives direct signal for March easing

ECB president Mario Draghi gave clear cut hint for March easing and stands pat for the statement that ECB is ready to act any time soon. According to his dovish message, ECB will possibly "reconsider" the policy stance at its next meeting. Current free fall of Oil prices and lower inflation has also raised downside risks to growth. 

Euro depreciated against the major peers as ECB is willing to weaken the euro. As a result, the risks to the ECB's inflation forecast should have President Draghi and the Governing Council keeping markets focused on March meeting, when the ECB will update its forecasts for 2016 and beyond.