The euro has drifted back to 1.3190 after rising as high as 1.3210 on a report, citing ECB sources, saying that Draghi & Co are unlikely to take new action at next week’s meeting.

The fade underscores the market’s appetite to sell euros on any bounce. Even if the ECB stays sidelined next week, Draghi is likely to signal a program is coming and the exact timing is less important than whether or not it comes. Today’s revelation that Blackrock has been hired as a consultant on ABS purchases is a strong signal that it’s only a matter of time until the ECB is ready.