Trump defiant on immigration ban
- EUR - ECB President Draghi Speaks
- NZD - Inflation Expectations q/q: 1.9%
- AUD - Cash Rate: 1.50%
- AUD - RBA Rate Statement
It was a relatively quiet start to the week yesterday, with very little data released on the economic docket. However, market movement is being largely dominated by politics and this continues to be the case this week. Market’s will be following the controversy surrounding US President Donald Trump’s travel ban, after the blocking of the Executive Order on Friday by a US Federal Judge and the US Appeals Court refusal to reinstate it over the weekend.
In Europe, the Head of the ECB Mario Draghi, spoke in Brussels yesterday and stated that despite the recent surge in inflation, the Central Bank will not tighten their policy. The statement comes amid speculation that the time is coming for the ECB to begin reducing their current stimulus programme. With the single currency zones recovery gaining momentum, albeit still slack in the labour market, Draghi stated that short term data swings will not change the ECB’s monetary stance at present and pointed to inflation at this high level as being temporary.
- CAD - Trade Balance
- NZD - GDT Price Index
The only piece of notable data released today comes from the States. Labour data in the US is being closely watched after the poor average earnings and unemployment rate figures released last week. Therefore, Tuesday’s JOLTS job openings could have a greater impact than usual. JOLTS job openings in the US are forecast to increase to 5.56M.