The US monthly CPI is announced on Tuesday at 15:30 MT time.
Will the ECB Press Conference have a positive influence on the euro?
The ECB will announce the main refinancing rate at 14:45 and give a press conference at 15:30 MT time on December 12.
Since 2016 the European main refinancing rate has been kept at 0%. The legacy of the former ECB President Mario Draghi was to keep the rate unchanged until the inflation rate in Europe comes sufficiently close to but below 2%. The preliminary inflation rate for the month of November in the Euro Area was at 1%, which is far away from the target. Hence, the new ECB head Christine Lagarde is unlikely to make any change to the rate. However, the focus of attention needs to be at the ECB Press Conference following the rate announcement and the monetary policy statement. In her speech, Mrs. Lagarde may share some important insights into the state of the European economy and the quantitative ease policy being implemented through the bond purchase program. If her report brings positive prospects, that will support the euro.
- If the ECB Press Conference provides a positive economic outlook, it will support EUR;
- If the ECB Press Conference provides a negative economic outlook, it will create pressure on EUR.
The Federal Open Market Committee (the department of the Federal Reserve) will publish the meeting minutes on October 7 at 21:00 MT time.
The Reserve Bank of Australia will post a rate statement, which contains an update on the interest rate on October 6, at 6:30 MT time.
The Bank of Canada will publish the rate statement together with the interest rate on October 28, at 17:00 MT time.
EU Flash Manufacturing & Services PMI will come out on Friday at 11:00 MT time!
The USA will publish unemployment claims on October 22 at 15:30 MT time. How to trade after the release?