FXStreet (Delhi) – Research Team at Societe Generale, suggests that despite the sombre start to the new year, we expect a dovish tone but no action from the ECB this week. Key Quotes “President Draghi will likely argue that its past actions will bear fruit, allowing a recovery in the core inflation outlook. Based on our inflation outlook, we however expect some modest action in March. In Spain, the king will consult with the different party leaders during the week (in particular Ciudadanos on Thursday, the PSOE, Podemos and the PP on Friday) in order to find a PM candidate and to unlock the situation as soon as possible. On Monday, President Hollande is set to announce an employment plan. On Sunday 24, Portugal goes to the polls to elect a new president. A centre-right president could upset the left-wing government agenda.” For more information, read our latest forex news.