Words louder than action

23 October, 2015

ECB President Mario Draghi maintained his reputation of moving markets without actually doing anything in the wake of yesterday’s ECB policy meeting. His openness towards further easing was the main factor pushing down the single currency and away from the 1.15 level which has caused previous pain for the central bank. But it wasn’t an explicit promise to do more, rather a pledge to re-examine at the early December meeting, in part on the back of the downside risks from emerging market strains. This takes EURUSD back down to levels last seen two months ago. There was also the follow-through on USDJPY (above 120.00), together with the downward pressure on cable, back below the 1.54 level.

Equities also lapped up the news, with the Euro Stoxx 50 index up 2.5%. This could make for a long few weeks as investors look towards the early December meeting. As we mentioned before, one thing is the intention, the other is the delivery and on that point, there is more debate to be had on exactly what the ECB can deliver at this point in terms of QE, given the constraints they are already facing in buying bonds. For today, there is an early focus on provisional PMI data for October in the Eurozone, where early indications for France suggest some slightly better numbers. No key US data today, although note that Canadian CPI data is releases at 12:30 GMT.


Source link  
Consumer Sentiment Index Close to Higher

US Fed Boston President Rosengren is due to deliver the keynote speech on the economic outlook, at the Greater Boston Chamber’s Economic Outlook Breakfast...

Chinese president soothes worries

With US Producer Prices data on the way this afternoon, and predicted to be largely as expected, the morning session will be dominated by central bankers...

Markets fall after more tariffs proposal

Friday's session is expected to be volatile, with Non-Farm Payrolls (13:30 UK Time) ahead and President Trump’s proposal for an additional $100B...


Korea gets exemption on steel tariffs

The US and South Korea have reached agreement on a Trade deal that comes with the added bonus for South Korea of a permanent exemption from...

EU Publishes List of Tariffs on US Goods

Over the weekend, the EU published a list of tariffs on US products in response to the US tariffs on Steel and Aluminium. The total value of EU tariffs...

Consumer Price Index and Housing Starts

Eurozone Consumer Price Index – Core (YoY) (Feb) will be released. The consensus points to an unchanged value of 1%. Consumer Price Index...


USD Weakens as Risk-Off Returns

Yesterday, the US announced Tariffs on Steel and Aluminium, which prompted an outcry from various global leaders and an acceleration in the...

Volume of data put US in focus

US Gross Domestic Product Annualized (Q4) was as expected at 2.5%, from 2.6% previously. Gross Domestic Product Price Index (Q4) was 2.3%...

Markets wait for new Fed chairman Powell

The ECB’s Coeure spoke in Frankfurt at a working group meeting regarding euro risk-free rates. He said that a reform of reference interest rate will...


In the past 24 hours Bitcoin has gained 1.72% and reached $8945.16. Open your trading account with the best cryptocurrency brokers on special terms today.

In the past 7 days the EUR/USD pair has gained 0% and is now at $0. Start trading and making money on Forex today.

In the past 7 days Ethereum has gained 21.42% and is now at $634.279. Have the most popular cryptocurrencies compared online 24/7.


Top Brokers offering Daily Forex Market Reviews


Forex Currencies Forecasts


Top 10 Forex Brokers 2018

# Broker Review
1easyMarketseasyMarkets90%
2FXTMFXTM87%
3HYCMHYCM85%
4FxProFxPro84%
5FIBO GroupFIBO Group82%
6FXCMFXCM70%
7XMXM68%
8Fort Financial ServicesFort Financial Services67%
9Alfa-ForexAlfa-Forex66%
10HotForexHotForex66%
  


Share: