ECB holds rates at 1 percent

Economists said those gains could give the ECB another reason to hold off with exit hints, especially without any similar indication from the Fed, as this would put upward pressure on the euro.

Economists are also keen to gauge the ECB's assessment of credit conditions, after a pick-up in new lending on a monthly basis and an easing in tightening their credit standards in Q3.

"It looks like we are approaching a turnaround in the credit cycle," Unicredit's Valli said. "However, the ECB is likely to remain very cautious until business lending picks up."

(Editing by Mike Peacock)