In the announcement released 45 minutes ahead of Draghi’s appearance, the ECB said that it will begin to reduce monthly purchases in January from the current €60 billion ($70.6 billion) to €30 billion ($35.3 billion) and will extend those purchases to “the end of September 2018, or beyond, if necessary”. It added that it will “reinvest the principal payments from maturing securities purchased under the APP for an extended period of time after the end of its net asset purchases, and in any case for as long as necessary.”
In the US session Unemployment Claims data was published. U.S. filings for unemployment benefits rose last week from the lowest level since 1973, consistent with a steady job market, Labor Department figures showed Thursday. Jobless claims increased by 10k to 233k (est. 235k). Continuing claims fell by 3k to 1.89m in week ended Oct. 14, lowest since December 1973 (data reported with one-week lag). Less-volatile four-week average of initial claims declined to 239.5k from 248.5k in prior week.
There will be no major data releases from Eurozone tomorrow. In the US session GDP figures will be published. Analysts anticipate 2.6% growth.
Figures to watch:
Advance GDP (Friday 14:30)
