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CCTV Script 05/12/14

This is the script of CNBC's news report for China's CCTV on December 5, Friday.

Welcome to the CNBC Business Daily.

The talk was louder but we still got no action.

ECB chief Mario Draghi alluded to a dramatic escalation in its plans to stimulate the euro zone's economy.

Draghi said officials discussed purchases of government bonds better known as QE.

This amid continued opposition from Germany on any such moves.

But he deferred any moves until early 2015.

With the ECB looking to next year to implement QE and possibly state bond purchases, can Draghi get the support he needs?

[SOT: SEB GALY / Senior Currency Strategist at Societe Generale] "What's going to happen in the first part of next year is that inflation is going to go into negative territory within the euro zone. That'll give the political backing that the bundesbank and others need to go to their population and say that we need to basically ease further."

[SOT: MICHAEL WOOLFOLK / MD & Senior Currency Strategist at Bank of New York Mellon] "Clearly, the economic environment is going to be lacklustre, if not in negative mode. And we still have deflationary pressures in Europe. So I think what we'll see early next year is an economic macro picture very similar to what we see now."

[SOT: PAUL MACKEL / Head of Asia Currency Research at HSBC] "Look, I think the ECB will just simply have to bite the bullet and have to start doing outright QE come March next year. You looked at their growth and inflation forecast which were revised downwards yesterday.. They're likely to get revised down even further come March, because they didn't take into account the latest fall into the oil price in the last couple of weeks or so. So I think if anything, their back is against the wall, and they're going to have to do something more aggressive."

Draghi's argument that the eurozone needs support, came as the ECB lowered growth forecasts for next year to just 1 percent, down from the 1.6 percent predicted just 3 months ago.

But what should your strategy be in Euro-Dollar trading?

One analyst call may just surprise you.

[SOT: MICHAEL WOOLFOLK / MD & Senior Currency Strategist at Bank of New York Mellon] "We're calling for 1.15 at mid 2015. We're going to end next year at 1.10 and we're looking for parity in 2 years."

[SOT: SEB GALY / Senior Currency Strategist at Societe Generale] "We systematically sell it and I think we're pretty convinced it's going to head for 1.15. We're pretty convinced that the ECB is using primarily the exchange rate as a way to relieve the pressure within the euro zone."

[SOT: PAUL MACKEL / Head of Asia Currency Research at HSBC] "I think that the exchange rate pressure, at least for the Euro-Dollar is still very much to the downside."

For CNBC Business Daily, I'm Chen Qian.

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