The Coronavirus, the ECB and Economic Data to Test the Majors

Daily Update - 23rd January 2020

Yesterday’s Market

• GBP Public Sector Net Borrowing
• US Existing Home Sales

Yesterday’s Explained

Sterling pound did boost yesterday with the current debates going on about the Interest Rate Cuts to be decided next week by Bank of England while the GBP Public Sector Net Borrowing did resulted positive and further kicked the support on the Sterling across the Dollar.While on the US Side Existing Home Sales did improve more than expectation pushing the edge off the Dollar yesterday the latter part of the session.

 

Today's Market

• EUR ECB Interest Rate Decision,Monetary Policy Statement and Press Conference
• USD Jobless Claims

Today's Focus

It’s a busy day on the Eurozone economic calendar. While key stats are limited to Eurozone consumer confidence figures due out late in the session, the ECB is in action. Any revisions to growth forecasts and details on revisions to the ECB’s monetary policy framework will be key drivers.

Through the ECB press conference, ECB President Lagarde could deliver a more optimistic outlook, which would be market positive. There will be concerns over the coronavirus and possible tariffs on EU cars, however, to test the more optimistic.