The ECB's last meeting of 2016 will probably be the main event of the week ahead, although the markets will probably first have to grapple with the outcomes of the weekend elections in Austria and also the results of the Italian referendum (both on Sunday). Key events following week includes the Reserve Bank of Australia meeting as well as GDP data for your country. It will be quiet in terms of major US data, with exclusion of Factory orders, ISM non-manufacturing and a speech .

All eyes on Eurozone political risk and Draghi's response

As the outcomes of the referendum and also the Austrian elections are set to come out, the beginning of trading on Monday is expected to be an exciting one for euro traders. Matteo Renzi seems set to lose this bet, although Italy's Prime Minister has wagered that the country will back his reforms rather than risk a crisis. A Italian 'no' vote won't result in any immediate danger, but it could be a warning to investors that they should take populist forces at the Eurozone. By doubling the nation's 10-year government funding cost in the past 4 months investors have already partly priced in some type of negative effect in Italy.