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Yesterday’s comments from European Central Bank president Mario Draghi were, as always, well delivered, but at the same time rather short on hard information as to how the EU plans to tackle the deflationary issue hanging over its head. With that in mind, the recent improvement in German consumer spending will have been particularly pleasing for to see. This may have nudged the DAX higher.
This morning’s EU final quarterly GDP has come in higher by 0.1%; this was in-line with expectations and is therefore barely moving the markets. Of course many traders will be keeping their powder dry ahead of the ever turbulent non-farm payroll figures, due out this afternoon before US markets start trading.
Traders will also be awaiting US unemployment figures – also due out today – which are normally the more volatile and therefore more likely to move the markets. It is this unemployment figure that the Federal Reserve has stated will be one of the most important barometers in dictating when they look to start increasing the interest rate.
With this market-moving data set for release later today, traders will probably err on the side of caution when trading on European indices.