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If the Eurozone is improving, what's the point of QE?

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Another positive month for Eurozone PMI services figures that were out this Wednesday. They may not have been quite as high as expected, but Saxo's Mads Koefoed says they confirm the current growth story. Monthly retail sales for the EU are also up by much more than predicted.

Koefoed says the ECB will take into account these improving numbers when they meet on Thursday. He also expects to see an upward revision to growth for both 2015 and 2016 but a downward revision to inflation.

As the ECB is due to start QE at any moment, questions have been asked about whether it's now necessary. Koefoed expects Mario Draghi to stress that its point is to increase inflation.