Yesterday`s ECB meeting saw President Draghi put on a brave face as he started that the current monetary policy and tools employed are working at the best rate seen so far, prompting early buying in the ERU as he concluded that the ECB would not take any actions, adopting a wait and see stance. However, as the press conference went on, EUR bears resurfaced as markets decided that the downside risk bias was too high, selling off the EUR.

Today and Mondays open see releases from all regions with the UK, Canadian, Australian and China releasing the most important.

As a general rule, should the data be released better than expected, markets will see it as a positive sign for the respective economy which will result in its currency appreciating vis-à-vis its counterparts. Conversely, worse than expected data will see the respective regions currency devalue as markets adjust to incorporate the new information.

Today’s key data is as follows:

UK

  • Goods Trade Balance expected at -11.7B

EUR

  • EUROGROUP Meetings

USD

  • FOMC Member Rosengren due to speak

CAD

  • Employment Change expected at 16K
  • Unemployment Rate expected at 6.9%


Mondays Asian session data is as follows:

AUD

  • RBA Assistant Gov Kent Speaks
  • NAB Business Confidence previously at 4

CNY

  • Industrial Production y/y previously at 6%
  • Fixed Asset Investment ytd/y previously at 8.1%