The Euro gave back some of its gains yesterday after testing the daily session highs to 1.0789 after Reuters carried a news report stating that the ECB was forming a consensus to take the deposit rates further into negative territory at the December ECB meeting, citing four governing council members. According to the dovish report, some members argued that the deposit rate cut should be larger than the current 0.10% rate cut expectations as the ECB is inclined to exhaust the conventional monetary policy tools before consideration of expanded asset purchase measures. The deposit rates currently stand at -0.20%. European Central Bank President Mario Draghi stated in the October ECB meeting that the Central Bank would discuss expanding its quantitative easing at the meeting in December in a bid to weaken the Euro and push up inflation. EURUSD closed yesterday’s session at 1.0750.