This month policy meet taking place after weaker economic releases and increasing discomfort among Governing Council members with ECB President Mario Draghi's leadership style.
In this meet pressure on ECB President Mario Draghi will increase to ease further as the euro zone has shown disappointing data since last meet.
European commission has also reduced growth forecast to 1.1% from 1.7% provided just six months earlier. It shows that hope of recovery in Euro area may get stalled with slowing down growth. Alongside the decision by BoJ to inject further liquidity into the market may also push ECB to ease more to strengthen the economy.
Gradually changing U.S. economic scenario and Republican Party's election victory backed the dollar and saw record closing highs on Wednesday for the Dow and the S&P 500. U.S. nonfarm employment data may through further light on labor market condition tomorrow which is one of the indicators Fed is looking at.
Traders are waiting for comments of ECB president in the conference to get clues on Euro economic growth and how the economy will recover.
ECB Projection will also remain in watch which will be released on 13th Nov.