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Euro Looks to ECB Comments to Inform QE Expansion Bets

Euro Looks to ECB Comments to Inform QE Expansion Bets

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Euro Eyeing ECB Comments to Inform QE Expansion Probability, Mechanics
  • New Zealand Dollar Gains After Yields Jump at 2027 Government Bond Sale
  • See Economic Releases Directly on Your Charts with the DailyFX News App

A quiet data docket through the end of the trading week is likely to keep traders focused on central bank commentary. The ECB is in the spotlight this time around, with remarks from President Mario Draghi of particular significance among the speakers scheduled to take to the wires.

Comments suggesting the central bankmay adopt a restrained approach – such as expanding the spectrum of QE-eligible assets – could push the Euro upward. Alternatively, hints at an increase in the size of monthly purchases or a cut in the deposit rate may weigh on the single currency.

The New Zealand Dollar outperformed in otherwise quiet overnight trade after yields went up at an auction of 2027 government bonds. The average yield was 3.61 percent, up from 3.28 percent at a sale of identical paper in mid-September. That may reflect expectations for a more supportive monetary policy outlook.

It ought to be noted that demand weakened at the today’s auction compared with that of two months ago, however, which may also help explain the jump in yields. The bid-to-cover ratio declined from to 1.805 from 2.185 previously.

Losing Money Trading Forex? This Might Be Why.

Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

02:00

CNY

Conf Board Leading Index (MoM) (OCT)

0.6%

-

1.6%

02:00

NZD

Credit Card Spending (MoM) (OCT)

1.5%

-

-1.9%

02:00

NZD

Credit Card Spending (YoY) (OCT)

7.8%

-

7.3%

07:00

JPY

Convenience Store Sales (YoY) (OCT)

-

1.3%

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

07:00

EUR

German PPI (MoM) (OCT)

-0.2%

-0.4%

Medium

07:00

EUR

German PPI (YoY) (OCT)

-2.0%

-2.1%

Medium

08:00

EUR

ECB's Draghi Speaks at Euro Finance Week

-

-

High

08:15

EUR

ECB's Coeure Speaks in Frankfurt

-

-

Medium

09:30

GBP

Public Finances (PSNCR) (OCT)

-

17.9B

Low

09:30

GBP

Central Government NCR (OCT)

-

21.5B

Low

09:30

GBP

Public Sector Net Borrowing (OCT)

5.3B

8.6B

Low

09:30

GBP

PSNB ex Banking Groups (OCT)

6.0B

9.4B

Low

10:00

EUR

ECB's Praet Speaks in Frankfurt

-

-

Medium

13:00

EUR

ECB's Constancio Speaks in Frankfurt

-

-

Medium

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EURUSD

1.0504

1.0611

1.0672

1.0718

1.0779

1.0825

1.0932

GBPUSD

1.5069

1.5177

1.5234

1.5285

1.5342

1.5393

1.5501

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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