All eyes are on the ECB meeting today but will there be action to go with the recent promises?

Today the European Central Bank (ECB) announces their plans to save the world's economy however, with the ECB meeting starting yesterday, information was unexpectedly leaked at lunch time suggesting that the Bank was putting in place an unlimited bond buying programme aimed at lowering borrowings costs for Spain and Italy.

A Bloomberg report said ECB President Mario Draghi's plan includes buying unlimited amounts of government bonds, but also that these purchases would be sterilised (this means that any money put into the system by the ECB to buy sovereign bonds would subsequently be taken back out again, removing the risk of inflation and stopping short of full blown quantitative easing).

This level of detail gave the leak some authenticity and eased fears that today's announcement will be a lot of promises but no action. The result was a stronger Euro against Sterling and US Dollar, although Sterling did feel some benefit, touching a three and a half month high against the US Dollar.

As well as the ECB, the Bank of England also meets today, but with interest rates likely to stay the same and no change to the quantitative easing programme expected, there is less attention on the BoE.

US data later brings their equivalent of service sector PMI and overnight we get the Australian trade balance figures. However, should the ECB fail to generate any market movement, all eyes will turn to tomorrow's US non-farm payrolls.