Fed’s inaction complicates matters for the ECB

Not only did the Fed keep rates unchanged in September, it also gave the impression that it does not trust its own forecast of rising inflation very much. 

Uncertainty about the future Fed policy has increased. A weaker EUR (on the back of higher US rates) supporting exports and leading to some import of inflation is certainly part of the ECB's strategy to bring inflation back to 2%. 

"What the ECB's expectations about the Fed's rates lift-off are not clearly known and Draghi won't tell us. However, the ECB certainly considers what to do in a scenario where a stronger EUR risks putting an end to the tentative rise in core inflation that was seen in recent months", says Nordea Bank.