The Euro slipped against the majority of its counterparties yesterday after speculation that European Central Bank President, Mario Draghi, will step in to weaken the Euro next Thursday at the ECB’s highly anticipated press conference. Traders have started to believe that Draghi’s concerns about the strength of the Euro could be intensifying, despite making no mention of it at last weekend’s Jackson Hole Symposium.
The US released a series of bullish data yesterday, exceeding the economists expectations. The ADP Non Farm Employment change posted 237k, compared to the expected 185K. Also released was the Prelim GDP, posting 3%, increasing from the first estimate of 2.6%. The Greenback strengthened on the back of the news.
It is a light day today in terms of economic data with much of the focus on the busy day tomorrow. However, we do have the UK’s MPC Member Saunders speaking in Cardiff. From the Eurozone, we have Flash CPI estimates. Across the pond, Canada are releasing some GDP data. Lastly, the US realise their Unemployment Claims Figure.