Monday, 24 September, 2018

Euro jumps after European Central Bank softens stimulus view

Euro Turns to ECB for Directional Cues EUR  GBP EUR  USD in Ranges Euro jumps as ECB hints at the end of quantitative easing
Elsie Buchanan | 10 March, 2018, 01:08

In the United States, the president is said to formally establish the import tariffs he proposed last week later in the day following the resignation of his chief economic advisor, Gary Cohn on Tuesday, but some officials claimed that this could be postponed to Friday due to legal procedures. The company is scheduled to detail its earnings today.

A final decision on the tariffs is expected soon, with Trump saying yesterday that the trade tariffs will be 'very fair.

Gold traders are also awaiting further news on plans for US tariffs on some imported goods.

The dollar's recovery was stoked by Wednesday's data on USA private hiring and labour costs that reinforced the view of underlying strength in the economy. Rather than show that the global economy appears to be in fairly good health, they are likely to be used as further evidence by President Trump's trade hawks that his current policy is appropriate. The fact that the USA economy can continue to add over 200k jobs a month even at this advanced stage of the economic cycle would appear to suggest that the U.S. economy still has an element of slack in it, despite evidence of some skills shortages.

The central bank promises to keep interest rates stable until it stops buying assets.

Given that Draghi took a swipe at Washington at his last news conference for talking down the dollar, investors will listen out to any comment from the European Central Bank chief about U.S. President Donald Trump's plan to slap steep import tariffs on steel and aluminum.

"A number of policymakers on the governing council favour a sudden stop to the EUR30 billion monthly asset purchase program in the aftermath of that date, while some favour a change to the wording with respect to downside risks to the economy", says CMC Markets chief market analyst Michael Hewson.

Euro Turns to ECB for Directional Cues EUR  GBP EUR  USD in Ranges
European Central Bank holds interest rates steady

Stocks ran higher during afternoon trade as investors yanked the euro from its intraday high of $1.2447 against the US dollar.

Mr Draghi is also likely to face questions on recent stock market volatility and the prospect of a trade war.

Taken together with the actual outlook for the currency from foreign exchange dealers - it is set to rise more as the dollar falls - there is cause for concern, or at the least, an inclination to consider if we haven't been here before. Treasuries and the dollar gained. A move below 105.00 targets the 100.00 area.

"We'll be looking to infer what role the global external environment (stock market volatility and USA protectionism) is playing", he said.

CMC Markets is an execution only service provider. This article is strictly for informational purposes only. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed.

"Today's marginally hawkish concession from the European Central Bank has been overshadowed by a marginally negative revision to their inflation forecasts today, with the DAX hitting the highest level in a week in response", Joshua Mahony, a market analyst at IG, wrote in emailed comments.

Nor'easter cancels hundreds of flights at NYC airports
Flights at Bradley International Airport in Windsor Locks were impacted all day by Winter Storm Elsa. More than 90 flights slated to take off or land in Fort Lauderdale have been wiped out.


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