Global macro overview for 03/09/2015:
The main event of the day is ECB interest rate decision which is set for 11:45 GMT and the further ECB press conference at 12:30 GMT. The market expects that ECB head Mario Draghi will maintane the interest rate unchanged at the level of 0.05%. Nevertheless, there is still a possibility, that ECB will expand its 60 billion per month quantitative easing program beyond September 2016, because ECB will release revised inflation and growth projections based on the recent global economic data and events. The ECB might be trying to prevent any euro re-appreciation by refocusing on the downside risk for both growth and inflation, because the market participants are re-focusing more on the background of economic fundamental data coming from the EU countries as the risky assets, like stocks, currencies and derivatives, are re-bounding from the recent sell-off around the globe.
The EUR/USD pair is trading quietly inside of the trading range, awaiting the news release. The technical support comes at the levels of 1.1156 – 1.1215 and the resistance is seen at the level of 1.1470.
The material has been provided by InstaForex Company – www.instaforex.com