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All Eyes on ECB Meeting

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On Thursday, the ECB will unveil fresh details on its monetary policy and interest rates. Following that, the speech of Mario Draghi will decide Euro’s direction, even though no changes are expected.  ECB President Mario Draghi could mention of the improvement in the European economy as the stimulus programs began to give tangible results on the levels of inflation. The single currency could be supported by the speech of ECB President Mario Draghi.

EUR touched $1.12 and could raise further during the course of the day, if everything goes well with the ECB. The US dollar index fell by 50 pips on Wednesday and traded at 95.40.

Oil prices were steady on Wednesday, on talks of the OPEC output ceiling. WTI traded above $49.

The pound declined on Wednesday to its lowest level in two weeks. While the cost of protecting against swings in the value of the GBP surged to the highest level since 2009, as the “Brexit” campaign reignited traders’ concern that the UK could leave the EU. GBP fell below $1.44 negatively affected by the “Brexit” and could decline further to $1.4250. 

Gold failed to hold its gains, negatively affected by strong U.S. industrial activity. The yellow metal traded at $1,210 and could be trading in a limited range until U.S. jobs data is released on Friday.

Japanese yen surged high as Japanese PM Shinzo Abe said, “he will delay a sales-tax increase scheduled for next year.” USD declined to 109 vs. JPY, before trimming its losses to 109.40. The Japanese yen could re-test level of 109 before U.S. jobs data.

The most important economic events:

  • EUR European Central Bank Rate Decision (JUN 2): (GMT 11:45) – Important – Forecast (0.00%) – Previous (0.00%).
  • EUR ECB's Governing Council Reviews Rates, Draghi Speaks to Press: (GMT 14:30) Important
  • USD DOE U.S. Crude Oil Inventories (MAY 27): (GMT 17:00) Medium – Forecast (N/A) – Previous (-4226k).

The prices and news mentioned in this outlook are absolutely no guarantee of future market performance and do not represent the view of ICM Capital Limited. Financial markets can move in either direction causing profits to be made or complete losses to be incurred by the trader. Each trader must decide for themselves what their risk appetite is and ensure that correct risk management procedures are in place before placing any trades.

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