EUR traders ready for ECB Meeting
February 21, 2018
UK & EU Events
ECB Meeting Today – The Pound saw losses in response to yesterday’s employment data. Today traders are eyeing the GDP figures which might further affect the Pound. In Europe, the last ECB Monetary Policy Meeting Accounts indicated a tightening of monetary policy. Should today’s minutes show more evidence of a change of policy, the EUR would be expected to gain in value.
The USD rose to a one week high yesterday in response to the FOMC minutes. The USD Index gained 0.1% on the expectation of three interest rate hikes this year. The EUR fell to 1.2265 and experts warn that Italian elections on March 4, could further weigh on the single currency. Watch today the EIA Crude Oil Stocks change for effects on the greenback and the loonie too.
Asia/Oceania Market Movements
Mixed trading today in Asia after the FOMC Minutes release. Australia’s S&P/ASX 200 fell by 0.21%, as did the Nikkei which fell by 1.4%, the Kospi by 0.56% and the Hang Seng by 1.48%. Follow the Japanese CPI data overnight.
Stocks & Commodities
Oil has also been seeing falling prices with WTI down by 1.26% and Brent 1.98%. Crude prices will of course react to today’s Crude Oil Stocks data. On the Stocks front, stocks rose then fell in reaction to the FOMC Minutes. The Dow Jones ended trading yesterday 0.7% lower, as did the Nasdaq composite which fell by 1%. As pointed out, Asian stocks have also fallen in Asia-Pacific trading.
|09:00 GMT||EUR: German Ifo Business Climate||Medium Impact|
|09:30 GMT||GBP: Second Estimate GDP q/q||High Impact|
|09:30 GMT||GBP: Prelim Business Investment q/q||Medium Impact|
|12:30 GMT||EUR: ECB Monetary Policy Meeting Accounts||High Impact|
|13:30 GMT||CAD: Core Retail Sales||High Impact|
|13:30 GMT||USD: Unemployment Claims||Medium Impact|
|13:30 GMT||CAD Retail Sales||Medium Impact|
|16:00 GMT||USD: Crude Oil Inventories||High Impact|
|21:45 GMT||NZD: Core Retail Sales||Medium Impact|
|21:45 GMT||NZD: Retail Sales||High Impact|