Summary: EURUSD bulls are not feeling the love from the European Central Bank as President Mario Draghi and company were a tad more dovish than expected.
Wall Street opened lower and then extended the losses. The Dow Jones Industrial Average lost 0.88%, the S&P 500 dipped 0.76%, and the Nasdaq was down 0.94% as of 14:00 GMT. Traders ignored the modestly better than expected Jobless claims and unit labour costs data. Prices have trickled lower, in part because of a lack of fresh insight about the China/US trade talks. There are reports of “good progress being made,” but not any follow-up from officials.
Traders are content to bide their time until the release of February nonfarm payrolls data, tomorrow. It is unlikely that the results will rival January’s 304,000 gain, but any result higher than the 180,000 forecast will keep the dollar bulls happy.
USDCAD traders are hoping for a bit of clarity about yesterday’s dovish Bank of Canada statement. Deputy Governor Lynn Kennedy delivers “A Progress Report on the Economy” around 17:45 GMT, today.
Please read our disclaimers:
- Notification on Non-Independent Investment Research (https://www.home.saxo/legal/niird/notification)
- Full disclaimer (https://www.home.saxo/en-gb/legal/disclaimer/saxo-disclaimer)