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Markets Await European Central Bank Rate Decision

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USD

On Wednesday, the Greenback recovered slightly vs. a basket of major currencies, supported by strong labor market data and the White House says Canada and Mexico, and possibly other countries, could be exempted from planned U.S. import tariffs on aluminum and steel. On the release front, the U.S. initial jobless Claims, which is expected to hit 220k, from 210k.

  • The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up by 0.12% at 89.67.

EUR

The Single currency fell by 0.20%, vs. the Greenback to settle at $1.2386, as traders are awaiting the ECB’s policy meeting, later in the day, which is expected to keep policy rates unchanged for now. However, it could provide clues to further clues on the outlook for interest rates.

GBP

The Sterling pound fell slightly by 0.06%, to settle at $1.3891. No major reports are due from the UK today.

JPY

Against the JPY, the Greenback fell by 0.02%, to settle at ¥106.07. In terms of data, Japan's economy grew 1.6% in the last quarter of 2017, thanks to an upward revision of capital expenditure.

Gold

Gold prices rose, as market players remained cautious ahead of an expected clarification by U.S. President Donald Trump on his proposed tariffs. Meanwhile, the U.S. President is expected to give more details later today on his plans to impose tariffs of 25% on steel imports and 10% on aluminum imports. Additionally, traders are also awaiting U.S. Friday’s non-farm payroll report for more clarity on the pace of U.S rate rises. Gold Futures - Apr 18 (GCJ8), rose slightly by 0.04%, to settle at $1,328.10.

Oil

Earlier today, oil prices held steady, backed by high demand, after falling the previous day on the back of record U.S. crude production and rising stockpiles. In terms of data, official data showed yesterday that U.S. crude inventories increased by 2.4 million barrels in the week to March 2, to 425.91 million barrels. Crude Oil WTI Futures - Crude Oil WTI Futures - Apr 18 (CLJ8) rose as much as 0.13%, to settle at $61.24, and Brent Oil Futures - May 18 (LCOK8) was up by 0.06% at $64.38.

The most important economic events:

  • EUR European Central Bank Rate Decision (MAR 8): (GMT 12:45) – Important – Forecast (0.00%) – Previous (0.00%).
  • EUR ECB Marginal Lending Facility (MAR 8): (GMT 12:45) – Important – Forecast (0.25%) – Previous (0.25%).
  • EUR ECB Deposit Facility Rate (MAR 8): (GMT 12:45) – Important – Forecast (-0.40%) – Previous (-0.40%).
  • USD Initial Jobless Claims (MAR 3): (GMT 13:30) – Important – Forecast (220k) – Previous (210k).

Disclaimer
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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