The Bank of England’s Monetary Policy Summary will be announced on Thursday at 14:00 MT time.
Trading on the ECB meeting
The ECB will announce the interest rate and hold a press conference on Thursday at 14:45 MT time.
Instruments to trade: EUR/USD, EUR/GBP, EUR/JPY, EUR/CAD
March 12 will be when the ECB gathers for another meeting to hold its monthly press conference and announce its interest rate and monetary policy outlook. As usual, we are not expecting any changes to the rate itself but will look into the details of the verbal message. At the same time, this “as usual” becomes not that usual as the coronavirus damage is yet spreading around, and the Eurozone is still about to discover its effects. When the ECB President Christine Lagarde was asked whether the policymakers were to act on it, she explained that they are watching it very carefully. But, she informed, they still don’t see that the virus outbreak created a “long-lasting shock” which would warrant a rate cut because of distorted supply, demand, and inflation. Hence, lets pay attention to what she says this time – this will guide us through EUR’s performance in the Forex market.
- If the ECB is dovish, the EUR will fall.
- If the ECB is hawkish, the EUR will rise.
The US Non-farm payrolls, also known as NFP, will be published on April 3, at 15:30 MT time.
The United States will publish ISM manufacturing PMI on April 1, at 17:00 MT time.
Canada will publish the monthly GDP growth on Tuesday, at 15:30 MT time.