Global trade war feared due to Trump tarrifs
- EUR - Minimum Bid Rate
- CAD - Gov Council Member Lane Speaks
- JPY - BOJ Policy Rate
The Euro tumbled as European Central Bank President, Mario Draghi delivered the latest ECB press conference. Following from the monetary policy meeting, Draghi mentioned the ECB could still extend their quantitative easing programme passed the September date if they needed to, causing the Euro to fall. However, the ECB have removed the easing bias from their statement, that said they would increase the level of bond purchases. Draghi also mentioned the threat of global trade war, with US President Donald Trump’s plan to impose a tariff on steel and aluminium.
- GBP - Manufacturing Production m/m
- USD - Average Hourly Earnings m/m
- USD - Unemployment Rate
Today is set to be a busy end of the week as the US release their latest employment data figures. The unemployment rate is expected to downtick to post 0.4%, whilst the average hourly earnings is forecast to remain static at 0.3%. They will also be releasing the non-farm employment change figure which is expected to also remain relatively stable at 204k, 4k up from the previous month’s reading. However, the markets will be paying close attention to this figure as ADP non-farm employment change posted better than expected at 235k on Wednesday. Back in the UK, the Manufacturing Production report will be released, with the index expected to drop to 0.2% from 0.3% last month.