Yesterday was a tough session for market bulls, and we took our licks. CPI data was in line with expectations and this did pave the road higher for equity markets; the S&P traded to a new swing high of 2807.25 and the Nasdaq extended to a new record. Not so fast though, the White House took another dramatic turn with the release of Secretary of State Rex Tillerson.
The U.S. dollar ended up mixed against major pairs after the release of the U.S. nonfarm payrolls (NFP) report for February and news of a potential meet up between North Korea and American leaders. The NFP was a mixed bag with a monster 313,000 jobs gain but underperforming wage growth at 0.1%.
The EUR continues to decline as Draghi avoids offering new clues; will traders be as receptive to Yellen commentary as the term comes to an end? Traders eye Governor Stephen Poloz's comments for BoC rate clues.
This week’s major macro event has finally arrived: the European Central Bank will announce its eagerly-anticipated monetary policy decision at 12:45 BST and President Mario Draghi will deliver the details at the ECB press conference which will start from 13:30.