- Dollar remains weak in the Asian session
- ECB expected to keep monetary policies unchanged
- Germany releasing consumer sentiment and business climate figures
By Charlie Horsley
Trump states he is keen for the Dollar to stay weak
The Dollar remained weak in the Asian session as the broad based sell off is extended. The Dollar index of its relative strength against a basket of currencies broke to a three year low after US Treasury Secretary Steven Mnuchin's comment that a weak dollar is good for trade. President Trump has also made it clear he is keen for the Dollar to stay weak so there are political factors keeping it under pressure. It's clear by the speed of the move that the market has been caught out by this move which could mean that any correction could be short lived as traders scrambled to cover positions.
ECB expected to keep monetary policies unchanged
The ECB are meeting this afternoon and the market will be looking for post meeting comments from President Draghi. The press conference and the statement could provide some clues about future policy trajectory. That being said the ECB is widely expected to keep monetary policies unchanged today.
More key data will be released today
Today Germany will release consumer sentiment and business climate figures. The UK will release the British Bankers Association (BBA) mortgage approvals and the Confederation of British Industry (CBI) reported sales. Canada retails sales will be featured later in the day.
Joke of the day: Beware the moth!
Daughter: Dad there’s a moth on the outside of the bathroom door. Can you get rid of it?
Daughter: Please hurry because I’m going to cry.
Moth: Dad is dead. You’re next. Love, Moth
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