Can Draghi Bust The EUR Out Of Its Range?
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The single currency starts the day with a bounce in its stride, trading higher against the mighty dollar. More importantly, Euro bonds yields are somewhat steady ahead of the European Bank's rate decision and Draghi's highly anticipated press conference.
No changes are expected following the ECB Bank's monetary policy meeting this morning, however, the market is waiting anxiously for the ECB Presidents comments on any possible change to their monetary policy and whether the recent appreciation of the 17-member European Union's currency will be assessed.
The ECB is not alone in its decision making today. The Bank of England is scheduled to reveal its monthly rate announcement. BoE officials are likely to refrain from adding stimulus to aid the UK's economy this morning. Their decision announcement is likely to be trumped by the incoming Bank Chief's testimony to the UK's treasury select committee. Current Governor, Mervyn King is expected to keep...