The key event coming up today is minutes of the last ECB meeting. The figure should cast more light on internal discussion and market participants will look for any details of planning reduction of the bond purchase program. Thus, the publication may spur some volatility in EUR. Moreover, we get weekly jobless claims form the US and Canadian trade balance data. There are also scores of central bankers scheduled to deliver speeches today.

 8:30 am BST – Sweden, industrial production for August. The Swedish krone weakened against US dollar and euro last week, hence the better macro reading should give it some support. The industrial output is seen rising 10.0% yoy (+5.3% previously). However, in terms of monthly changes consensus calls for contraction of 0.3% (-0.9% prior).

12:30 pm BST – ECB minutes from the September meeting. The ECB left investors a bit empty-handed in September. Markets expected details on QE tapering in 2018 but instead got only vague assurances that the policy will be adjusted and more will be presented either in October and December. Any hints on when and how the QE program can be changed may translate into the vigorous market reaction. The EURUSD lost a bit its latest bearish momentum and the publication may decide on the pair’s short-term outlook.

US data (Challenger job-cut report at 12:30 pm BST, weekly jobless claims at 1:30 pm, trade balance at 1:30 pm and final durable goods ). Admittedly, there are no big market movers, taking into account vulnerability of the greenback to any macroeconomic readings (even those having a marginal impact, on the face of it) they could be worth looking at. Moreover, market participants might treat them as more important as the labor market appears to be still the brightest spot in the US economy. However, these are the latest prints ahead of the crucial NFP report on Friday. In addition, there will be a final reading of US trade balance seen at -$42.70bn and durable goods orders where projection indicates a 1.0% mom increase.

1:30 pm BST – Canadian trade data for August: In terms of the vulnerable Canadian dollar each reading could bring about swings. The Canadian trade balance is expected to come in at -2.60bn CAD against the prior print at -3.04bn CAD. 

There are also scores of central bankers out today:

  • 1:15 pm BST – ECB’s Coeure
  • 2:10 pm BST – Fed’s Powell
  • 2:15 pm BST – Fed’s Willams
  • 3:00 pm BST – Fed’s Harker
  • 5:00 pm BST – BoE’s McCafferty
  • 6:30 pm BST – BoE’s Haldane
  • 9:30 pm BST – Fed’s George

link do file download linkEURUSD holds above 1.1714 handle. ECB minutes and NFP report may push the pair out of the current consolidation (1.1714-1.1834). Source: xStation5