Draghi signaled growing concerns about the persistence of euro-area weakness at yesterday’s press conference.
In particular, the ECB President confirmed that the bank will consider if negative rates need mitigating. That may be a hint that the Governing Council sees rates staying lower for longer than it currently suggests. The Euro took a hit early-on yesterday after his statements but recovered the majority of its losses.
EU leaders met in Brussels yesterday to discuss Brexit. Macron pushed for a strict extension holding the U.K. to the bloc’s demands. Prime Minister Theresa May is expected to continue to push for an exit before May 22 as to avoid EU elections.
The U.S. Federal Reserve has heard President Trumps cries for a lower tax rate, however, they seem unmoved. “My sense is that the threshold for cutting is very high and would involve something going seriously wrong with the outlook –- for example a risk of recession and not simply inflation that fails to reach target,’’ said Roberto Perli, a partner at Cornerstone Macro LLC in Washington and former Fed economist.
Times in GMT
15:30 USD PPI (MoM) (Mar)
Predicted: 0.3% Previous: 0.1%
This metal’s 1D chart has shown an Abandoned Baby signal, a strong signal of a reversal to a downtrend.
This commodities 1D chart has shown an Engulfing Bullish signal, indicating a return to an uptrend.