FXstreet.com (Barcelona) - The ECB Monetary Policy Committee meets tomorrow and a rate cut is widely expected by the market, but rumours are growing advancing a SNB-like announcement of an intervention to weaken the Euro.

Jamie Coleman, market analyst at Forexlive, does not give much credit to those voices: The ECB has been desperate to forestall a currency crisis so that the markets do not lose confidence in the pseudo-currency, so I doubt they would try and weaken the currency amid ongoing concerns over intra-European finances (Ireland, Greece, Spain…).

According to Coleman the ECB would rather approach quantitative easing: It is much more likely that the ECB will dip a toe into the quantitative easing waters, perhaps extending medium-term loans to banks, buying commercial paper or even corporate debt.