ECB in focus

March 7, 2019

A busy day coming up with plenty of data set for release from around the world.

The EURUSD opened and closed flat but there were some movements in between. The pair opened at $1.13068 and traded in a tight range early before falling to a low of $1.12846 mid-session. The euro then rallied off that low to peak at $1.13239 a few hours later. It has come off those highs and is currently trading at $1.13101. The GBPUSD opened at $1.31758 and fell to a low of $1.31235 early in the day. The pound climbed off those lows and gradually wiped out the earlier losses, reaching a late high of $1.31806. It has come off those highs and is currently trading at $1.31723.

The Dow remains subdued after the sell-off on Monday. The index opened at 25,800.14 and remained flat during the first half of the day, before bumping up to a high of 25,843.47. However, the Dow quickly gave up those gains, falling to lows of 25,636.17 a few hours later. It is currently trading at 25,669.91. The Dax turned negative overnight after looking solid mid-session. The German index opened at 11,613.02 and dropped to near-lows of 11,562.26 before rallying over the next few hours to hit highs of 11,653.56. It gave up those gains quite quickly as the Dax fell to lows of 11,560.16 before closing at 11,571.50.

The day ahead shapes as being a busy one, with a stack of data set to be published. The ECB is set to meet later tonight to set monetary policy for the continent. While it is not expected to change interest rates, it will be crucial to listen to the speeches made by central bank figures regarding economic outlook and future monetary policy settings.

Other data released today includes:

Japan – Leading Indicators

Australia – Retail Sales, Trade Balance

UK – Halifax HPI, MPC Member Silvana Tenreyro speaks

Canada – Building Permits, Governing Council Member Lynn Patterson speaks

US – Challenger Job Cuts, Revised Non-Farm Productivity and Unit Labour Costs, Natural Gas Storage, Consumer Credit, FOMC Member Lael Brainard speaks

Europe – Swiss Unemployment Rate and Foreign Currency Reserves, European Revised GDP and Final Employment Change, ECB Monetary Policy Statement and Press Conference, Italian Retail Sales


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