As per MNI reports, the ECB governing council members have no policy consensus beyond deposit rate cut. The ECB members favor 10 bps rate cut and are concerned the actions may not meet market expectations. Markets have been speculating about the possibility of a more than 10bps rate cut and even an expansion in the QE program. Reuters poll this week showed a 10bps deposit rate cut is done deal and a 60% probability of an expansion in the size of the QE program (EUR 10 billion-30 billion). For more information, read our latest forex news.