ECB day !

•      ECB to take center stage

•      The Bank has signaled that they will probably take time to assess the impact of stimulus measures announced in the recent months before considering new policies

•      Draghi’s objective will be to maintain as dovish a stance as possible

•      Key point to watch will be the first inflation estimates for 2017; If those are still below target, it will be hard for the ECB to avoid taking more steps

•      We don’t expect new measures at today’s meeting, the Council would probably wait until after the second TLTRO results are available on 11th of December

•      Australia’s trade deficit narrowed in October, while retail sales decelerated for the same month

•      We expect weakening fundamentals to weigh on the currency and if the bears prove strong enough, we could see the pair testing the 0.8300 level in the near future

•      The US ADP report once again indicated job growth over 200k and the US ISM non-manufacturing index moved further into its expansionary territory, both for November

•      The strong data suggest that the US recovery is on a stable path. USD was higher against most of its G10 peers during early European hours

•      Today :

•      UK: The Bank of England meets to decide on its policy rate

•      US: initial jobless claims for the week ended Nov. 22

•      Canada: Ivey PMI for November