EUR/USD sits at 1.3120, little changed from a North American close Wednesday around 1.3135.
Seems everyone’s awaiting todays ECB meeting. Normally it’s nothing to get too excited about, but today is diffierent.
While rates widely expected to be held steady at 1%, the market is waiting to see what ECB President Trichet has to say at his press conference. Will he signal the bank is going to delay withdrawal of unlimited liquidity support for banks? Will he announce the ECB is to significantly ramp up euro zone government bond purchases? Will he announce effective QE by indicating those bond purchases won’t be sterilized? All exciting stuff.
Euro zone data due today:
10:00 GMT: Euro zone Q3 GDP (prov) expected +0.4% q/q, +1.9% y/y
10:00 GMT: Euro zone PPI for October expected +4.3% y/y from previous +4.2%
12;45 GMT: ECB rate decision
13:30 GMT: Trichet press conference
Couple of euro zone bond auctions:
10:40 GMT: Spanish
10:50 GMT: French
