With the ECB's press conference in less than an hour, here are the thoughts of Mark Cudmore, a former FX trader who writes for Bloomberg

The ECB today will try to provide something for all the market animals -– bulls, bears, hawks and doves -– but ultimately none of them will feel completely sated. The euro will whip around in reaction but it won’t find a new trend.

Most importantly, Draghi will make clear that tapering has not yet even been considered. He will emphasize that the program runs until March, at least, and so they have plenty of time to plan the exit. There’ll be no taper-tantrum today.

Far from tapering, it’s likely that the Asset Purchase Program will be prolonged even further beyond March, although perhaps not formally so at this meeting. An extension will require technical adjustments that may need more time to work out.

The inflation and economic outlook make clear that it’s too early to abandon the QE program unless the ECB has completely lost faith in its efficacy, and there’s no sign that has happened.

Consensus forecasts put both GDP growth and consumer price inflation at 1.3% in the euro zone in 2017 -– neither figure suggests officials should be close to declaring “mission accomplished.”

Draghi knows this and is likely to ensure a dovish slant to the conference. Guidance toward future QE extension is probable but unlikely to be explicitly detailed.

No matter how optimistic many analysts are getting on Europe, the fact is that there are two very large near-term risk events that overshadow the region: the Italian constitutional referendum and Brexit negotiations.

So expect no tapering, no further easing (yet), and a dovish conference. The euro may drift lower in reaction, but there won’t be enough sustenance from today’s ECB offerings to keep a trade going a week from now.