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    Global macro overview for 22/01/2016 2016-01-22

    Global macro overview for 22/01/2016:

    At yesterday's ECB meeting, ECB President Mario Draghi dropped a very clear and deliberate hint that further monetary stimulus are likely at the next meeting scheduled for March. It looks like serious moves are going to be necessary in order to overcome the new deflationary pressure and downside risks arising in the euro area. Nevertheless, please notice that there are still some serious and influential hawkish members of the ECB board, so do not expect too much from the next ECB meeting.

    Following dovish statements of Draghi, the EUR/USD pair fell, but managed to bounce back to the pre- ECB levels. Currently, the pair is trading just below the important resistance level of 1.0858.

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