ECB Press Conference in Spotlight

Major Indexes Settles at All-Time Highs

Wall Street generated gains across the three major Indexes on Wednesday and the Dow Jones Industrials is situated above the 21,600 level. Building Permits and Housing Starts data from the States proved significantly stronger yesterday. Weekly Unemployment Claims data will be published, but the most interesting statistics may come from the Philly Fed Manufacturing Index today.

Asian Markets Follows US Performance

The Bank of Japan left their interest rate policy unchanged as expected today, but it did lower its inflation target for the nation over the next two years. The admission from the Bank of Japan regarding weaker inflation is an indication they remain concerned about long term growth. The Yen has remained within its stronger boundaries against the U.S Dollar as it traded near the 112.00 level.

Mario Draghi in Focus

The European Central Bank Press Conference with President Mario Draghi will dominate today’s impact on equities and forex in Europe. The ECB will not raise its interest rate. However, Mario Draghi will be expected to suggest hints about monetary policy tightening in the mid-term. The Euro’s 1.15 level against the U.S Dollar is certain to see a powerful test of value develop in the coming hours. The U.K will release important Retail Sales numbers and the Pound will also see its recent consolidation against the U.S Dollar disappear.

Gold Price Consolidation at Key Resistance

Gold should be watched very carefully all day. The precious metal has sold off slightly this morning, but remain near 1240.00 U.S Dollar’s an ounce. Gold could see a wide range of its value be tested as the European Central Bank pronouncements unfold and speculators react all day long.

Yaron Mazor is a senior analyst at SuperTraderTV.

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