The EUR holds onto gains from early in the session, as the markets await the ECB policy decision and press conference. Has persistent inflationary pressure given the hawks the upper hand?
It’s a been a quit start to the day on the Eurozone economic calendar.
German trade data was in focus going into the European open.
In July, Germany’s trade surplus widened from €13.6bn to €17.9bn. Economists had forecast a narrowing to €13.0bn
According to Destatis,
Trade with EU Countries:
Trade with non-EU Countries:
Trade with the UK:
Elsewhere:
Ahead of today’s figures, the EUR had fallen to a pre-stat and current day low $1.18114 before finding support.
In response to today’s stats, the EUR fell to post-stat low $1.18121 before rising to a post-stat and current day high $1.18360.
At the time of writing, the EUR was up by 0.14% to $1.18322.
The ECB monetary policy decision and all-important Lagarde press conference. Will there be the talk of more than just tapering to spook the markets and drive the EUR northwards?
Initial jobless claim figures from the U.S are also due out but will likely play 2nd fiddle to the ECB…
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.