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Euro Advances On Draghi’s Comments

The markets were seen trading quietly on Monday. Following the new tariffs on China coming into effect since 24th the markets were seen to be a little spooked. This was followed through by the U.S. and China trade talks stalling for the moment.

The ECB President Mario Draghi was speaking at an economic event on Monday. He commented about the underlying inflation pressures picking up. This briefly sent the Euro higher on the day, although the common currency pulled back since.

The German Ifo business confidence index for September was seen at 103.7. Although the index beat expectations of 103.2, it eased from August reading of 103.9.

The economic data today will start off with a speech by the Bank of Japan governor Kuroda. Later in the day, the German WPI data is due. The wholesale price index is forecast to rise 0.2% on the month after a flat print the month before.

Bank of England’s MPC member, Vlieghe will be speaking later in the day. The NY trading session is expected to remain calm. The conference board’s consumer confidence index is due later in the day.

Consumer confidence is forecast to ease to 132.2 from 133.4 previously. After this event, Richmond Fed manufacturing will be reporting. Expectations call for the index to reduce to 22 from 24 previously.

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