The ECB Head Supported the Single Currency

Yesterday, there was a significant increase in demand for the euro. The ECB, as expected, left interest rates at the previous levels: deposit rate -0.40%; the interest rate is 0.00%. The regulator raised the forecast for the GDP growth in 2017 by 0.3% to 2.2%. The head of the Central Bank Mario Draghi said that in the near future a decision will be made to reduce the program of quantitative easing. Most likely, these changes may occur in October.

The US dollar continues to lose ground relative to the major currencies. The dollar index closed the trading session in the negative zone (-0.82%). The aftermath of Hurricane Harvey puts pressure on the US economy. The number of initial claims for unemployment benefits increased by 26.3% to 298,000.

At the moment, the prices for "black gold" are stable. Futures for the WTI crude oil are traded above $49 per barrel. The recovery of the refinery in Texas and the hopes for an extension of the OPEC agreement support the oil quotes.

Market Indicators

Yesterday, the major US stock indices showed a variety of trends: #SPY (-0.01%), #DIA (-0.06%), #QQQ (+0.23%).

The 10-year US government bonds yield continues to show negative dynamics. At the moment the indicator is at the level of 2.02-2.04%.

The news background on 2017.09.08:

- Production in the manufacturing industry in the UK at 11:30 (GMT+3:00);
- The balance of trade in the UK at 11:30 (GMT+3:00);
- Report on the labor market in Canada at 17:00 (GMT+3:00).

by JustForex, 2017.09.08

We advise you to get acquainted with the daily forecasts for the major currency pairs.

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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