Draghi speaks again today

Daily Update

Yesterday’s Market

• France GDP
• UK Consumer Credit
• Gross Domestic Product Price from US
• Consumer Confidence from US 

Yesterday Explained

GDP for France has remained unchanged, meaning that the economy based on the numbers is currently stagnant which is most likely due to the election for presidential candidates. Consumer borrowing in UK has increased by 1.618 billion from its current levels of 1.484 billion where it was initially estimated at 1.50 billion which is a significant improvement as the large borrowings is directly fueling the economic growth of the UK despite better-than-expected US economic data. According to the second estimate of 3Q GDP, the US economy rose at a 3.2% rate, above the 3.0% expected from the initial rate of 2.9%. In a different report, consumer confidence from US jumped from 100.8 to 107.1, significantly above the 101.2 of market forecast.

Euro received some support from Francois Fillion's victory over Alain Juppe and as the new Republican candidate he will most likely challenge Marine Le Pen in 2017 but, the EURO is still expected to trade heavy as Italy's referendum poses the greatest risk for currencies over the next 7 days.

While Friday's non-farm payrolls report is the primary focus for the dollar this week, there are a number of Federal Reserve officials scheduled to speak and their comments could have a significant impact on how the dollar trades ahead of the jobs number.

Today’s Market

• Consumer Price Index Report from Europe
• Speech by ECB President Mario Draghi
• Chicago Purchasing Managers’ Index from US
• Foreign investment in Japan Stocks
• Canada GDP

Today’s Focus

Europe will be releasing the Consumer Price Index Report which is the price movement of daily goods and services while excluding the volatile component which can be used to measure the inflations and the changes in purchasing trends. Next, we have the second speech by ECB’s president Mario Draghi for this week which could have either effect on the Euro strength followed by the Gross Domestic Product from Canada which is an aggregate measure of total economic production for a country which represent the market value of all goods and services produced by the economy.  The remaining hours will be filled with reports from US and Japan such as the Chicago Purchasing Managers’ Index from the US and Foreign Investments in Japan Stock which can show the difference between capital inflow and outflow.