All Eyes on ECB, BoJ Keeps Policy Steady but Lowered Inflation Forecast

The ECB and Mario Draghi will influence trading the remainder of the day as the central bank’s Press Conference is set to start. Forex will be volatile today. The Philly Fed Manufacturing Index will come from the States.

Weekly Jobs Numbers Today from U.S.

Wall Street turned in a positive session on Wednesday as corporate earnings continued to show better economic outcomes. Housing sector data from the U.S also improved with Building Permits and Housing Starts figures beating their expectations handily. Weekly Unemployment Claims will be released today, but the Philly Fed Manufacturing Index will be watched closely. The three major equity Indexes are being called slightly higher via the Futures Markets. U.S traders will also place some of their attention on the European Central Bank today as its outlook affects the broad markets.

Shanghai Shenzhen Rampage Higher Mounts

Japanese equities rebounded higher today after yesterday’s cautious results on the Nikkei and Topix Indexes. The Bank of Japan kept their monetary policy in place today as expected, but did acknowledge inflation continues to underperform and the central bank has now officially set their targets lower. Equities in China continued to gain and the Shanghai Shenzhen rampage higher has not slowed down. The Yen has started to see a slightly wider range trade against the U.S Dollar, and should be watched closely in the coming hours in the wake of the European Central Bank’s outlook.

Retail Sales Stronger in U.K.

Investors have begun to ignite forex as the European Central Bank and President Mario Draghi have begun to take centerstage. Rhetoric from the ECB will continue to have an impact the remainder of the day as traders position themselves for short term and longer-term positions as the ECB’s Press Conference is heard. Also, the Retail Sales from the U.K have been published and turned in a better than expected result with a gain of 0.6%. The Euro and Pound will see considerable tests against the U.S Dollar in the hours to come.

Early Selling in Gold on Japan News

Gold has traded slightly lower early on the news the Bank of Japan lowered its inflation forecast. However, Gold remains speculative and the 1240.00 U.S Dollars an ounce level remains in sight as resistance – in what will likely be a fast market the rest of the day as the impact from the ECB takes shape.

Yaron Mazor is a senior analyst at SuperTraderTV.

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