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The FxPro Analyst Team

Markets Focused on ECB Interest Rate Decision, No Change Expected

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At 11:45 GMT, the ECB Deposit Rate Decision will be announced and is expected to remain unchanged at -0.4%. The ECB Interest Rate Decision will also be released at this time and is expected to be unchanged at 0%. This data could see volatility increase in EUR markets on the approach to the ECB Press Conference and Monetary Policy Statement at 12:30. Comments from ECB President Mario Draghi will be assessed for hints on future monetary policy, with hawkish comments adding strength to the Euro. However, any change in guidance is not expected to occur until June.

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At 12:30 GMT, US Durable Goods Orders Ex-Transportation (Mar) is expected to come in at 0.5% from 1.0% previously, which was revised down from 1.2%. Durable Goods Orders (Mar) is expected at 1.6% against 3.0% previously, which was revised down from 3.1%. This data series beat expectations last time out but revisions have lowered expectations somewhat. US Initial Jobless Claims (Apr 20) is expected to be 230K from 232K previously. Continuing Jobless Claims (Apr 13) is expected to be 1.850M from 1.863M previously. Jobless Claims data has beat expectations on the last three readings, but numbers have been decreasing from the 242K high three weeks ago. USD crosses may be moved by this data.

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