Daily Update
ECB’s Mario Draghi announced that they aim to preserve its accommodative settings in order to get inflation back to just under 2% but annual M3 money supply growth is 4.4% in the year to October from an upwardly revised 5.1% in September, which is not good news for ECB's aim to boost local inflation. Dallas Fed manufacturing rose from -1.5 to 10.2 (vs 2.0 expected) which further increased the negative pressure the EURO was facing. Demand for the greenback across the board also drags the GBP/USD pair lower as the US dollar index jumped to 101.18, having finally broken its range-trade seen near 101 handle which in turn doesn’t look positive for USD’s opposing currencies in general. Focus now remains on the US GDP report due on Tuesday, followed by Wednesday’s OPEC decision, Thursday’s ISM Manufacturing data and Fridays Non-farm pay rolls data. The day will be filled with a variety of Mid-Tier reports from all over. Focus will be on the Gross Domestic product from France which measures the value of the total goods and services produced from France. Next, UK reports of Consumer credit will be next where it calculates the borrowings of individuals of the previous month. A positive figure for this report could mean that the economy is strengthening as consumers can afford large expenses or that the economic growth is declining as consumers borrowing to live beyond their capabilities. Day will end with Gross Domestic Product Price and Consumer Confidence reports from USA which shows the overall confidence the consumer has in the economic activities.Yesterday’s Market
Yesterday Explained
Today’s Market
Today’s Focus
