ECB President Speech to be followed by traders
February 5, 2018
Europe Market Movements
The EUR fell against the USD and CHF on Friday after its producer price index (PMI) only rose at 2.2%, its slowest rate in 5 months. A disappointing UK construction PMI, weighed on the GBP which fell against the EUR. Today, keep a close watch on the Markit services PMIs for the Eurozone as well as for Germany, Europe’s most powerful economy. In addition, on the traders’ radar, the ECB President’s speech will attract a lot of market attention.
US Market Movements
The USD reacted positively to the NFP report on Friday, advancing against a basket of major currencies. Today, traders will be following the Markit Services PMIs at 14:45 GMT, followed by the ISM Non-Manufacturing PMI at 15:00 GMT.
Asia/Oceania Market Movements
In a sign of a strengthening economy, the Australian AiG performance of services index rose compared to the previous month. In China, Australia’s largest trading partner, the Caixin services PMI also rose, to 54.7 compared to 53.9 last month. In the Asia-Pacific session, the AUD is trading up 0.29% on the JPY. On traders’ calendar, Australian Retail Sales and Trade Balance figures overnight and the RBA’s Interest Rate Decision.
Oil prices have been falling this morning in reaction to a stronger USD. Brent has fallen to its lowest in close to a month. WTI has also fallen, currently trading at $64.98 a barrel, dropping 0.5% from the previous session. On the Crypto front, the British Lloyds Bank has banned its customers from purchasing Bitcoin (BTC) on their credit cards after a sharp fall in the value of the currency. At 7.47AM GMT BTC was trading at $7,983.
On the earnings front, Chevron and Exxon shares dropped after weak results. Amazon shares rallied by more than 6% in extended trading after the company posted a profit of near $2 billion.
|09:30 GMT||GBP: Services PMI|
|15:00 GMT||USD: ISM Non-Manufacturing PMI|
|16:00 GMT||EUR: ECB President Speech|
|00:30 GMT +1||AUD: Trade Balance: Retail Sales|