"I definitely believe the ECB will cut rates," but not until February, he told CNBC. "They just need to see inflation come off more, and more confirmation of weaker growth.
"I think this week, they'll take a pause and reaffirm their support for the economy and wait to see more numbers."
That approach is unlikely to give the euro a lift, in Plavnik's view, especially with U.S. growth starting to look respectable.
"U.S. growth seems to be the least impacted by the European slowdown," he says.
Plavnik thinks the euro could fall to 1.25 in the next three months, and to 1.20 by the end of the year.
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