The ECB meeting announcement and press conference are the main events in the calendar today. BoC Governor Macklem will flesh out yesterday’s statement in an Economic Progress Report and press conference. Data‐wise, US initial claims are expected to remain on a steadily improving trend.
The US dollar takes the back seat today with the sole focus on the ECB. With the ECB unlikely to generate a EUR decline at today’s meeting, we look for modest out performance of European FX vs the dollar. With equity markets stabilizing, this also points to a softer day for USD.
BoC Governor Macklem will deliver the Economic Progress Report today. He may be questioned on the QE front in the accompanying press conference as the reference to calibration is a more two‐sided statement than the previous one in July. USD/CAD features support at 1.3133 and 1.3087, with resistance at 1.3209 and 1.3272.
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