If QE tends to dampen FX volatility then the future direction of the EUR could be dependent on the ECB actually cranking up the printing presses. Although the ECB has hinted at the prospect of QE for the currency bloc, the head of Europe’s central bank has one of the best poker faces around. He managed to quell the sovereign crisis in 2012 by simply saying he would do “whatever it takes” without actually spending one euro in the process. However, with inflation falling to a 5-year low, there is more pressure on the ECB to take action. Next week’s April inflation reading could be crucial.