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EUR/USD Weekly Forecast - 20 April - 24 April

Friday, Apr 17 2015

Events that marked the week:

Focus of the European part of the Wednesday's session was on ECB Press Conference. ECB Press Conference brought nothing new, after interest rates remained unchanged at 0.05%. Though, ECB President Mario was attacked by the protester screaming "End ECB Dick-tatorship" while delivering his prepared remarks, in financial terms he did not delivered anything new. Draghi made four points, none of which are surprising. He said that the cyclical recovery in the euro area has strengthened and that the asset purchase program has been successful.

He also added that program will continue until September 2016 at least or a sustained increase in inflation as the program is flexible. He pointed out that the ECB is not experiencing operational difficulties in conducting the asset purchases. In response to a question, Draghi noted that the ECB has continued to support Greek banks through ELA, which it is wiling to do provided the banks are solvent and they have collateral. The ECB's exposure is 110 bln euros, which is most relative to the country's GDP. 

 

This week markets will be looking at:

 

German ZEW Economic Sentiment/ ZEW Economic Sentiment (Tuesday 11:00)

French Flash Manufacturing PMI/French Flash Services PMI (Thursday 9:00)

Spanish Unemployment Rate (Thursday 9:00)

German Manufacturing PMI/German Flash Services PMI (Thursday 9:30)

Flash Manufacturing PMI/Flash Services PMI (Thursday 10:00)

German Ifo Business Climate (Friday 10:00)

More in this category: « GBP/USD Weekly Forecast - 20 April - 24 April AUD/USD Weekly Forecast - 27 April - 01 May »

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