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Euro Mildly Higher after ECB, But No Upside Breakout Yet

Euro rises mildly after ECB President Christine Lagarde sounded cautiously upbeat in the post-meeting press conference. Yet, there is no clear follow through buying for an upside breakout yet. Dollar is also not much supported by better than expected jobless claims data. The more notable movement today is the...

ECB Lagarde: Progress with vaccinations should pave the way for firm rebound

In the post meeting press conference, ECB President Christine Lagarde said that while Eurozone real GDP could have contracted again in Q1, data pointed to a "resumption of growth" in Q2. Progress with vaccinations, should "pave the way for a firm rebound in economic activity in the course of...

(ECB) Introductory Statement to the Press Conference

Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of the meeting of the Governing Council. While the recovery in global demand and the sizeable fiscal stimulus are supporting global and euro area activity, the...

ECB Lagarde press conference live stream

https://www.youtube.com/watch?v=BE9rF9yX4YY

ECB stands pat, reconfirm its very accommodative stance

ECB left monetary policy unchanged and "reconfirm its very accommodative monetary policy stance". Main refinancing rate, marginal lending facility rate, and deposit rate are held at 0.00%, 0.25%, and -0.50% respectively. The pandemic emergency purchase programme (PEPP) will continue with an envelop of EUR 1850B, "until at least the end...

(ECB) Monetary policy decisions

At today's meeting, the Governing Council decided to reconfirm its very accommodative monetary policy stance: The interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.50% respectively. The Governing Council expects the...

CAD Rallies After BoC’s Hawkish Tilt

The Loonie tended to rally against the USD yesterday, as despite BoC remaining on hold as expected, the bank decided to adopt a hawkish tilted tone, expressing considerable confidence and tapered its bond purchasing program. On the other hand, the FX market was rather quiet, with the USD retreating...

Euro In Holding Pattern Ahead Of ECB Meet

The euro continues to drift in tranquil waters this week. After pushing above the 1.20 line on Monday, the euro has not strayed very far from this psychologically important level. Currently, EUR/USD is trading at 1.2039, up 0.o4% on the day. ECB likely to hold the course The ECB holds its...

Will The ECB Disturb The Waters?

ECB unlikely to rock euro – resilient economy vs higher yields Loonie flies after BoC tapers QE program, signals earlier rate hikes Wall Street bounces back, earnings season ramps up Lagarde's tone to drive the euro The spotlight will fall on the European Central Bank meeting today. Not much has...

ECB Eyed As India’s Unwanted Covid-19 Record Hurts Crude Oil

India epicentre of Covid - bad news for crude and INR ECB's Lagarde likely to remain dovish Fed to follow footsteps of BOC? The US markets rallied sharply yesterday to erase losses suffered on Tuesday, lifting foreign currencies and metals as the dollar sold off amid the risk-on trade....

Risk Currencies Rally On Strong Bond Auction

US dollar under pressure as yields soften The flip-flop price action in equities markets has also been reflected in currency markets to a lesser extent, mainly amongst the risk-sensitive Commonwealth’s and regional Asian currencies. A hawkish Bank of Canada saw USD/CAD plummet to 1.0% to 1.2495 overnight, as the BoC...

Stocks To Endure Bumpy Journey To New Normal

Risk assets likely to carve out further gains amid reopening optimism. Sentiment still swayed by pandemic developments. Earnings guidance to influence near-term performance. Lagarde's policy cues could move euro. Asian stocks are moving higher after US stocks avoided falling for a third consecutive day. The “buy-the- dip” mantra helped...

ECB Meeting Has The Potential To Dramatically Affect The Euro

Buyers dominated the US markets on Wednesday, which explains the surge in Asian markets on Thursday morning. Previously, we pointed out that the drawdown from the beginning of the week promises to be short-lived. It affected too narrow a spectrum of market assets. Along with the rise of the markets,...

Noise Cancelling Headsets

The tail chasing noise is already deafening this week. Having spent the first part of the week in doom and gloom mode as the market ran short of bullish excuses to buy everything, equity markets staged a sharp rebound overnight. The cyclical Russell 2000 seeing most of the action,...

The Correction In US Yields Remains Negative For The Dollar

Markets In sentiment driven trading (no important eco data) a two-day correction on US/ European equities already attracted interest to buy the dips. US indices regained between 0.93% (Dow /S&P) and 1.19% Nasdaq. The link between equities and bond rates currently isn’t that obvious, but a benign bond sentiment (especially...

USD/CAD Forms Bearish Flag Pattern After Hawkish BoC Decision

The Canadian dollar spiked against the US dollar after the Bank of Canada (BOC) decision. As expected, the bank left interest rates unchanged at 0.25%. It also decided to slash its weekly quantitative easing purchases from C$4 billion to C$3 billion. This was in line with what some analysts...

ECB Decides, As Credit Suisse Reveals Archegos Loss

JPMorgan-backed Super League has ended up being a super flop, as football fans didn’t appreciate the idea that money could buy merit, especially in a sport that is not necessarily destined to the rich. The idea survived less than three days, the majority of the clubs left the deal...

ECB Not Ready To Change Course Yet

Market movers today The main event of the day will be the ECB meeting although no new signals are expected. We look for a broadly balanced growth risk assessment that paves the way for PEPP buying to reverse to around EUR60bn/ month after the June meeting. Lagarde will face...

Euro Mixed Ahead of ECB, Dollar Sellers Await Stock Rally

Canadian Dollar surges broadly overnight after BoC's hawkish tapering. Yet, it's currently still one of the weakest for the week together with Dollar. The post-meeting buying was not enough to turn the Loonie into black against others yet. As for today, markets are rather quiet so far. US stocks...

ECB in focus, Euro lacks upside momentum except versus Dollar

ECB meeting is a major focus for today, but expectations are rather low. No change in monetary policy is expected. Also, updated economic projections will not be released until June. Even though US yields continued their march higher, European yields have stabilized since the central bank announced to accelerated significantly...

Sunset Market Commentary

Markets EUR/USD 1.20; will or won’t it break? The common currency remains under pressure today, extending the move down that started yesterday in early European dealings. At the same time, the dollar is relatively well bid, along with the Japanese yen in a sign risk sentiment is more fragile than...

ECB Meeting in Focus

EUR/USD is having a rare day in negative territory. Currently, the pair is trading at 1.2006, down 0.24% on the day. The euro has been in fine form in April, racking up gains of 2.3%. The currency has made up most of the ground lost in March when EUR/USD fell...

More for ECB to Consider and Better UK Employment Data: EUR/GBP

German PPI for March was released earlier today.  The MoM print increased from 0.7% in February to 0.9% in March.  Expectations were for a decline to 0.6%. However, the bigger story regarding German PPI was the YoY print at 3.7% vs 1.9% in February and an expectation of 3.3%. ...

ECB to Stay the Course But Euro Spike Could be Worrisome

The European Central Bank concludes its April policy meeting on Thursday, releasing its statement at 12:45 GMT and President Christine Lagarde updating investors at a press conference at 13:30 GMT. When policymakers last met on March 11, Eurozone yields were spiralling upwards and the outlook for the bloc’s economy...

Sunset Market Commentary

Markets Last week, US and European interest rate markets developed rather independently. US yields eased despite a series of strong price and activity data. European interest rates (and the euro) staged a catch-up move as investors saw improvement in the European vaccination process, supporting the prospect of a gradual reopening....

ECB Preview – Looking for Hints on PEPP Destiny

We do not expect much news from the upcoming ECB meeting. European yields have stabilized since the central bank “accelerated significantly” the pace of PEPP purchases in mid-March. Inter-meeting economic data have been mixed. We believe policymakers would reinstate that downside risks to the economic outlook in the near-term,...

The Picture For The Dollar Is Still Damp

Markets With no important data on the agenda, markets were awaiting guidance after last week’s remarkable repositioning, especially on core bond markets. The setback on German/EMU bond markets continued as investors are counting down to Thursday’s ECB meeting. The ECB will probably repeat that accommodative financial conditions remain necessary across...

Stronger EUR And Higher Bund Yields

Market movers today PEPP data: We will keep an eye on the gross PEPP purchase data published by ECB this afternoon after net purchase data yesterday showed a surprisingly modest buying pace last week. Swedish house price data: This morning showed a 20% rise y/y in house prices. The 60...

ECB Preview: Christine Lagarde Will Have To Kick The Can Down The Tightrope

The ECB last met on March 11th. At that time, EUR/USD was trading near 1.1950 and German Bund yields were trading near-0.35. The outlook was bright, maybe too bright, as forecasts were revised for growth and inflation. Many countries were under restrictions and lockdowns at the time, and all...

Everything You Need To Know About The European Central Bank (ECB)

What is the European Central Bank? The European Central Bank (ECB) is the central bank for the euro and the Eurozone. It’s responsible for administering monetary policy within the Eurozone. All the central banks of each EU (European Union) member state own the bank’s stock. The ECB directly supervises 124 significant...