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No surprise in the final  inflation read for November: a rock bottom level of 0.3% is confirmed.  Core CPI is confirmed at 0.7%.

EUR/USD is ticking a few pips lower, but this is just a continuation of the trend that began earlier in the day rather than a reaction to the news.

The euro-zone was expected to confirm the initial inflation reads which  were at the lowest levels in the cycle: 0.3% in headline CPI and 0.7% in core CPI. The fall in oil prices  is far from being fully  reflected in this report, but we can expect December’s numbers to be significantly lower, especially in headline inflation.

EUR/USD  was on the fall towards the publication, mostly due to dollar strength. The pair traded just above support at 1.2450.

The ECB said it is ready to act early in 2015, and perhaps launch an outright  Quantitative Easing program. The recent TLTRO auction came out below expectations and raises the pressure on the central  banks.

The big event of the day is the Fed decision in the US. See the preview:  FOMC quick preview: what’s more important: employment or inflation? Currencies to trade in both cases