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Euro Looks to ECB Comments to Inform QE Expansion Bets

Euro Looks to ECB Comments to Inform QE Expansion Bets

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

02:00CNYConf Board Leading Index (MoM) (OCT)0.6%-1.6%
02:00NZDCredit Card Spending (MoM) (OCT)1.5%--1.9%
02:00NZDCredit Card Spending (YoY) (OCT)7.8%-7.3%
07:00JPYConvenience Store Sales (YoY) (OCT)-1.3%

European Session

07:00EURGerman PPI (MoM) (OCT)-0.2%-0.4%Medium
07:00EURGerman PPI (YoY) (OCT)-2.0%-2.1%Medium
08:00EURECB's Draghi Speaks at Euro Finance Week --High
08:15EURECB's Coeure Speaks in Frankfurt --Medium
09:30GBPPublic Finances (PSNCR) (OCT)-17.9BLow
09:30GBPCentral Government NCR (OCT)-21.5BLow
09:30GBPPublic Sector Net Borrowing (OCT)5.3B8.6BLow
09:30GBPPSNB ex Banking Groups (OCT)6.0B9.4BLow
10:00EURECB's Praet Speaks in Frankfurt --Medium
13:00EURECB's Constancio Speaks in Frankfurt --Medium

Critical Levels

CCYSupp 3Supp 2Supp 1Pivot PointRes 1Res 2Res 3

--- Written by Ilya Spivak, Currency Strategist for

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