Analysts at TD Securities suggests that Draghi's final ECB meeting should be an uneventful celebration of his 8 years as President.

• “We expect a dovish lean, given concern about inflation expectations and softer growth trends. We don't expect any clear policy signals in our base case.
• Rates: Our base case sees some slight downward pressure on yields but we expect a muted reaction overall. Market focus turns to the implementation of the ECB's tiered deposit system (30 Oct) as well as the start of the new QE purchases (1 Nov).
• FX: Similarly, we expect EURUSD to remain tame. Most directional risks favour moderate downside as we expect Draghi to ride off on a dovish note. Market attention will soon turn to any early hints on policy preferences from incoming President Lagarde.”