ECB and BoE Speeches: What to Expect Today
Mixed data today, with European growth, fluctuating energy prices, and key U.S. data. Germany’s Q4 GDP contracted by 0.2%, reinforcing concerns about Eurozone stagnation. Meanwhile, oil prices have inched higher, while gold has seen mild declines as investors weigh global risk factors.
Key Data Out Today
- Germany’s Q4 GDP: Contracted 0.2% QoQ and 0.2% YoY, confirming economic stagnation.
- ECB’s Schnabel Speech (13:00 GMT): Investors await any signals on future rate cuts.
- BoE’s Pill Speech (14:00 GMT): Potential insights into the UK’s inflation outlook.
- U.S. Consumer Confidence (15:00 GMT): Set to provide direction for USD performance.
- Fed Speakers: Barr, Barkin, and Logan are scheduled, with markets watching for any shift in monetary policy stance.
Commodities
- Crude Oil: Brent at $75.03, up 0.41%, with WTI at $70.95, up 0.29%. Markets eye OPEC output discussions.
- Gold: $2,938 (-0.39%), slipping as U.S. rate expectations stabilize.
- Silver: $32.31 (+0.17%), holding gains despite mixed risk sentiment.
Currency Movements
EUR/USD (1.0467, ↑ 0.06%)
The euro remains under pressure following Germany’s weak GDP figures, reinforcing expectations for a dovish ECB stance.
GBP/USD (1.2623, ↑ 0.05%)
The pound is steady ahead of BoE’s Pill speech, with traders looking for hints on rate policy.
AUD/USD (0.6345, ↑ 0.11%)
The Aussie has edged higher as commodity prices stabilize, though gains are capped by China’s slowdown.
NZD/USD (0.5729, ↑ 0.07%)
The kiwi has posted mild gains, driven by improved risk sentiment.
USD/JPY (149.64, ↓ 0.18%)
The yen has strengthened slightly as safe-haven demand picks up amid global economic concerns.
USD/CNY (7.2633, ↑ 0.09%)
The yuan is weaker as Chinese economic data continues to underwhelm.
USD/CHF (0.8971, ↓ 0.02%)
The franc remains range-bound, tracking broader USD movements.
USD/CAD (1.4264, ↓ 0.10%)
The loonie is gaining traction as oil prices hold firm.
USD/MXN (20.44, ↓ 0.16%)
The peso is supported as emerging market sentiment improves.
USD/INR (87.07, ↑ 0.50%)
The rupee has weakened amid dollar strength and rising U.S. yields.
Market Outlook
- Fed speakers later today could reinforce monetary policy expectations for Q2.
- ECB and BoE speeches could drive euro and pound movements, with markets watching for policy guidance.
- U.S. Consumer Confidence data may provide fresh direction for the dollar.
- Oil traders will monitor supply signals, which could impact CAD performance.