Daily Alert: Friday 10th March 2017

Mark NugentDaily Alert, March 2017

Forex Analysis for Friday 10th March 2017

The ECB surprised no one by keeping rates and QE unchanged. Draghi said that QE will continue until sustained inflation increases are seen. Underlying inflation pressures remain subdued. ECB lifts 2017 CPI forecast to 1.7% (Prev. 1.3%), lifts 2018 forecast to 1.6% (Prev. 1.5%), maintains 2019 forecast at 1.7%. ECB lifts 2017 GDP growth forecast to 1.8% (Prev. 1.7%), 2018 GDP forecast to 1.7% (Prev. 1.6%), maintains 2019 GDP at 1.6%. The ECB removed some language form its statement regarding low interest rates as Draghi acknowledged improved economic outlook by adding later that it’s less likely that rates will have to be cut, and that there’s no longer a “sense of urgency” in monetary policy. The EUR rose.

Riksbank’s Jochnick said the SEK ought to strengthen and the Riksbank should continue with expansionary monetary policy. (Newswires)

Saudi Arabia have told US firms not to assume OPEC will extend supply cuts to offset shale output growth, according to sources. (Newswires)

The EUR gained on the day as did the Euro50 and the Dax30. The USD was down slightly and US equities were essentially static. The JPY weakened and the GBP consolidated. Oil had a second down day and the CAD looked confortable below support. All global equities have gapped up this morning.

JPY drops as global bond rout deepens before jobs report

Today we have US Average Hourly Earnings and Non-Farm Employment Change.

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