The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG Bank S.A. accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication.
Following on from my potential trade idea yesterday, the ECB meeting showed a lack of urgency from the central bank, with Mario Draghi continuing to view the recovery as 'moderate and uneven'. The ECB president also highlighted that risks were to the downside, with tensions in the Ukraine a growing concern.
Again the ECB detailed that it may buy private assets later in the year and expressed some pleasure in the falls of late in the single currency. Still, we didn’t really learn anything new and thus the market 'bought the fact'.
In European trade we get French and UK industrial production numbers, however traders will focus more closely to home today with the RBA's Statement on Monetary Policy (SoMP). The market is keen to see if the RBA use this opportunity to alter its current economic forecasts, which in theory could shape their view on monetary policy.