Wednesday saw decent volatility in markets. Cable was 50% above the simple average daily range of the past month, with the range on EURUSD (just over 100 pips) bang on the average of the same period. We could well see the opposite today with the ECB meeting taking place, together with the press conference which usually brings greater volatility to the single currency. The ECB have cut rates to the bone, started buying asset-backed securities last month and have continued to discuss the possibility of buying other assets. There have also been some tensions this week with regards to ECB President Draghi’s leadership style. The main issue for markets though is the extent to which he hints at further easing measures to come and the ability of the ECB to deliver upon them. This gets harder and harder as interest rates are near enough zero and this is also leading to lower bond yields within the Eurozone as the threat of deflation looms large.　　

周三的市场出现相当的波动。英镑美元当前的水平比过去一个月的每日简单均值高出 50%，而欧元美元的变动范围（高于 100 点）也和同一时期的均值有所重合。今天也许我们能见到相反的情况，因为欧洲央行的会议将举行，此外还有新闻发布会。这个新闻发布会一般情况下会给欧元带来较大波动。欧洲央行已经将利率降到极致了，并在上个月开始了买入资产担保证券，而且在继续讨论买入其他资产的可能性。这一周还出现了一些紧张情绪，就是担心欧洲央行总裁 Draghi 的领导风格。不过市场面临的主要问题是 Draghi 在何种程度上对未来的宽松措施，以及欧洲央行实行这些措施能力有所表示。由于利率接近零，现在的情况变得越来越困难；而且这种情况也许会导致欧元区的债券收益走低，因为通缩的威胁似乎越来越大。　　

The scope for some sterling volatility remains, given the price action seen Wednesday and also the production data released at 09:30 GMT today. The market looks for a 0.4% increase. The Bank of England also meets, but this is seen as a non-event as interest rate hike expectations from the middle of the year have disappeared. Aussie jobs data overnight has seen the unemployment rate steady at 6.2% (as expected), with 24k gain in employment, following Sep’s decline. The recovery in the Aussie was broadly in line with that seen on other majors vs. the USD overnight.　　

英镑出现波动还是有可能的，原因就是周三的价格变化，以及今天格林尼治时间 9 点 30 分要发布的生产数据。市场预期这个数据可能会增长 0.4%。英格兰银行今天也要开会，不过这次会议的事件影响不大，因为我们对加息的预期从年中开始就消失了。昨天澳大利亚的就业数据显示出失业率稳定在 6.2%（和预期一致），九月出现下降之后就业上升了 2 万 4 千。澳元的恢复大致上和昨天其他主要货币针对美元出现的变化一致。　　

新闻发布会开始后欧元走低　　

EUR down to low of 1.2406 after ECB’s Draghi comments, down 1 big figure, but has since managed to recovery. Council said to be unanimous on further easing measures if needed.　　

欧洲央行总裁 Draghi 的评论发布后欧元走低到了 1.2406，下降了一个大数，不过随后要开始恢复。理事会说如果有需要的话将一致同意实行进一步的宽松措施。