Hawkish Draghi lifts the Euro 2
- AUD - Retail Sales m/m: 0.0%
- EUR - EBC Press Conference
- USD - Crude Oil Inventories: 4.6M
ECB President, Mario Draghi, boosted the Euro with slightly hawkish comments, setting the ground to announce tapering the quantitative easing programme in October. The ECB announced they would be keeping interest rates on hold and continue to run the QE programme at €60b per month until the end of December. They mentioned they would be willing to extend the QE programme if the economic outlook worsens. However, in the press conference following Draghi explained the ECB will announcing the tapering plans in October. The Euro gained against the majority of its counterparties during the European session.
Across the pond, a storm the size of France named Hurricane Irma is continuing to work its way through the Caribbean towards the east coast of America. It is expected to hit Florida on Monday and continue up the East coast. Mexico is also set to brace the arrival of their own Hurricane this evening too as an Earthquake struck it’s southern coast this morning.
- AUD - RBA Gov Lowe Speaks
- CAD - Employment Change: 22.2K
- CAD - Unemployment Rate: 6.2%
The UK released the manufacturing production figure for July this morning, posting better than expected at 0.5%. The increase was helped by a strong rebound in car production. However, construction declined, missing market expectations for the sixth time in a row, to post a bearish -0.9%. The bullish manufacturing figure boosted the Pound slightly, however any gains were very quickly dissolved.
Later today, Canada will release the employment change and unemployment rate figures, expected to post 17.8k and 6.3%. In the US, FOMC member, Patrick Harker, will be delivering the opening remarks at a consumer finance research conference.