MUFG Research discusses the expectations around next month's ECB policy meeting. 

"The release of the PMI surveys from Europe painted a more downbeat picture yesterday. The negative impact on business sentiment from the renewed restrictions on activity over the winter period was more evident. The euro-zone composite PMI dropped sharply by 4.9 point to 45.1 in November," MUFG notes. 

"The weakness in the euro-zone PMI surveys highlights that it would currently benefit more from a weaker currency than the US economy. The ECB will be hoping that their plan to ease monetary policy at their next meeting on 10th December will at least help to dampen euro strength and prevent EUR/USD from breaking to the upside out the current trading range between 1.1600 and 1.2000," MUFG adds.