Thursday is going to be quite exciting with many important events and data that is expected later today. From the market’s perspective the most important will be the ECB meeting, but it’s quite possible that the market mover may be located somewhere else.
- The European Central Bank is not expected to change monetary policy when it releases its statement on Thursday. The market will be following ECB President Mario Draghi speech for details about the implementation of corporate bond purchases that are scheduled to kick off in June with the ECB forecasts the most likely pieces to change. March’s forecasts were put together using the horrible beginning of the year data, which has improved and before the quantitative easing additional stimulus announced in the same time the forecasts were published.
- Oil prices will be volatile as the OPEC meets in Vienna all day on Thursday. During the same day The U.S. Energy Information Administration will release the crude inventories at 15:00 GMT. After the failed Doha oil output freeze meetings with Saudi Arabia calling off the agreement due to Iran not participating it will be interesting to see if the topic gets readdressed in the OPEC members only meeting
- As for the macroeconomic data, the most important will be release of the ADP employment that will give us a clue ahead of today’s NFP. ISM New-York and Initial Jobless Claims are also important, but won’t be market movers (probably).
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