US session was marked by FOMC Statement. As it was largely expected Fed left its interest rates unchanged." As it was the case in December it was once again repeated that we have to "be patient in beginning to normalize the stance of monetary policy." "If incoming information indicates faster progress toward the Committee’s employment and inflation objectives than the Committee now expects, then increases in the target range for the federal funds rate are likely to occur sooner than currently anticipated", it was emphasized.
"The Committee currently anticipates that, even after employment and inflation are near mandate-consistent levels, economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Committee views as normal in the longer run", it was said in conclusion.
European part of Thursday's session will be marked by German Unemployment Change and CPI figures as well as M3 Money Supply data. German CPI is forecasted to decrease by 0.8%. Analysts predict decline in number of unemployed in Germany by 9,000, while M3 Money Supply data should show 3.6% incline. In the US session Unemployment Claims figures are scheduled for a release. A decrease to 301,000 is anticipated.
Figures to watch:
German Prelim CPI (Thursday)
German Unemployment Change (Thursday 9:55)
M3 Money Supply (Thursday 10:00)
Unemployment Claims (Thursday 14:30)
