Global macro overview for 10/03/2017
March 10, 2017 7:51 amVideo
Latest News
- Technical Analysis – EURUSD takes a breather after sharp tumble April 17, 2024
- Market continues to price in a plethora of rate cuts for 2024 – Special Report April 17, 2024
- EUR/USD: trading plan for the US session on April 17th (analysis of morning deals) April 17, 2024
- Technical Analysis – EURGBP maintains bearish bias amid pennant formation April 17, 2024
- EUR/USD. April 17th. Jerome Powell supports the dollar April 17, 2024
- GBP/USD. April 17th. Inflation in Britain is falling, but not as much as the market wants April 17, 2024
- Tesla Q1 Earnings: Poor deliveries point to disappointing results – Stock Markets April 17, 2024
- Video market update for April 17, 2024 April 17, 2024
- Forex forecast 04/17/2024: EUR/USD, GBP/USD, Gold, Bitcoin and Ethereum from Sebastian Seliga April 17, 2024
- Technical Analysis – Gold struggles to jump above 2,400 April 17, 2024
- GBP/USD: trading tips for beginners for European session on April 17 April 17, 2024
- EUR/USD: trading tips for beginners for European session on April 17 April 17, 2024
- Market Comment – Geopolitics and Fedspeak keep stocks under pressure April 17, 2024
- Technical Analysis – USDJPY on the verge of hitting 155.00 milestone April 17, 2024
- Hot forecast for EUR/USD on April 17, 2024 April 17, 2024
- Overview for the GBP/USD pair on April 17th. British inflation could weigh on the pound April 17, 2024
- Technical Analysis – NZDUSD bounces off 5-month low April 17, 2024
- Overview for the EUR/USD pair on April 17th. There is no single reason for the euro to rise April 17, 2024
- Key events on April 17: fundamental analysis for beginners April 17, 2024
- Trading plan for GBP/USD on April 17. Simple tips for beginners April 17, 2024
Global macro overview for 10/03/2017:
As widely anticipated the European Central Bank has left the interest rate unchanged at the level of 0.0% again. The deposit facility rate, marginal lending facility, and asset purchase target were left unchanged as well. In his statement at the ECB press conference, Mario Draghi said that risks to the region’s economic outlook are now less pronounced and the main message was that overall downside risks had eased. He reiterated that underlying inflation remains subdued and that the central bank will look through transient changes in inflation. The 2017 CPI inflation forecast was increased to 1.7% from 1.3% while the 2018 projection was raised to 1.6% from 1.5% while there was no change to the 2019 forecast at 1.7%.The latest ECB staff projections showed an increase in the 2017 GDP growth forecast to 1.8% from 1.7% with the 2018 forecast also upgraded by 0.1% to 1.7% with no change for 2019. In conclusion, a rather dovish Draghi statement and dovish press conference except the inflation projections suggest that the ECB does not plan to cut the interest rates below 0.0% any time soon.
Let’s now take a look at the EUR/USD technical picture at the H1 time frame. The comments from Draghi made the price to break out of the falling wedge. The yesterday’s high was established at the level of 1.0614 and since then the price has been slowly drifting into a sideways market. No important high or low was violated and the market is still trading inside of the range between the technical support at the level of 1.0524 and technical resistance at the level of 1.0639.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: