Wait-And-See Mode

Dear Traders,

The market is still in a wait-and-see mode and larger movements are lacking. While the euro rose on the back of improvements in the European Central Bank’s lending report, the cable failed again to overcome its 1.55-hurdle.

The euro climbed to a high of 1.1387 after an ECB report showed that there is an improvement in the region’s lending conditions, diminishing prospects for additional monetary stimulus. Market participants fear that Draghi could probably sound less dovish at the ECB press conference tomorrow, since the report gives policymakers less cause for more QE.

Moreover, there were no new insights  from the Federal Reserve. Fed chair Yellen did not comment on the outlook for monetary policy when she made a statement yesterday.

There are no major economic reports scheduled for release today, so we shall have to wait until tomorrow when there are catalysts for more volatility. The only second-tier data is coming from the U.K. with public finances due for release at 8:30 GMT. Furthermore, BoE Governor Mark Carney is scheduled to speak today on the U.K.’s membership in the European Union at 17:00 GMT.

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