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Waiting For Draghi’s Wise Words….

Waiting For Draghi’s Wise Words….

Good morning everyone. So yesterday saw GBP struggle to maintain its momentum against the US Dollar and Euro as attention starts to turn to tomorrow’s Eurozone interest rate decision and in particular Mario Draghi’s subsequent press conference and Friday’s non-farm payroll figures from the US.

We do have some data out today with the Nationwide house price index for March out of the UK which is yet again expected to have accelerated and UK construction PMI. We also have ADP employment figures out of the US which often seen as a pre-runner for the non-farm payroll data. This is expected to show that the private sector gained 195,000 new jobs in March. Should this not be the case then we could well see a bit of volatility.

In advance of tomorrow’s Eurozone interest rate decision, there is lots of talk about deflation, slow-flation, contraction, stagnation, negative interest rates…. and mostly what is Mario Draghi going to do or say and whether or not its going to have any impact. As seems to be the norm when getting closer to the decision, most commentators have decided that Mario Draghi is going to do precisely nothing. This is despite some people thinking the time for talking is over and it is now time for decisive action especially as figures are showing that the Eurozone is not contracting but stagnating.

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