There are no data releases from Eurozone today, with markets being focused on Thursday's ECB Meeting. What we can expect is that the ECB will confirm that tapering “has not been discussed” and we expect President Draghi to emphasize, as he did at the IMF press conference last weekend, the ECB’s intention to preserve the ECB’s” necessary” and “very substantial” amount of monetary support.
We also expect him to highlight that inflation has to return to target “without undue delay” – an expression which is already in the prepared statement but should get more prominence. The tightening in monetary conditions since tapering talk began provides an insight on what would happen if the ECB actually decides to taper from March 2017 onwards.
Euro is currently being traded near 1.1020 handle. Pair is likely to find support around 1.0950 area and resistance above 1.1050 level.
UK still likely to leave the EU with a negotiated agreement, says Number 10
Sentix Investors Confidence rose to 14.7 in August
German factory orders -4.0% seasonally adjusted on the previous month
China's July exports growth still seen holding up despite U.S. tariffs: Reuters poll
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