“The outlook for growth confirms our confidence that inflation will converge toward our inflation aim of below, but close to, 2 percent,” ECB President Draghi said. “At the same time, measures of underlying inflation remain subdued and have yet to show convincing signs of a sustained upward trend.” “Our mandate is in terms of price stability. Victory cannot be declared yet,” Draghi told a news conference. Dropping its ECB’s so-called easing bias was largely symbolic as few if any expected bigger bond buying. Even Draghi called the move a “backward-looking measure”.
In the US session Unemployment Claims data was published. In the week ending March 3, the advance figure for seasonally adjusted initial claims was 231,000, an increase of 21,000 from the previous week's unrevised level of 210,000. The 4-week moving average was 222,500, an increase of 2,000 from the previous week's unrevised average of 220,500. Claims taking procedures in Puerto Rico and in the Virgin Islands have still not returned to normal. The advance seasonally adjusted insured unemployment rate was 1.3 percent for the week ending February 24, a decrease of 0.1 percentage point from the previous week's unrevised rate.
There will be no major data releases from Eurozone tomorrow. In the US session NFP figures will be released. Analysts predict increase by 205,000 in non-farm employment and decline in unemployment rate to 4.0%.
Figures to watch:
Non-Farm Employment Change/Unemployment Rate (Friday 14:30)
