•
Draghi is dovish
– No problems
in implementing QE, no intention to “taper” or make any changes at least until
the initial ending period of Sep. 2016; sees real EUR interest rates moving
lower
– On the
other hand, not planning to cut deposit rate either
- Mario Draghi was
attacked by a “Ninja” ECB fighter who obviously was fed up with ECB’s
indecisive action or inaction
•
Bank of Canada is optimistic; little change of
further easing
– Points to
stronger non-energy exports, increasing investment, improving labor market
– Output gap
will be back in trend later this year = no more need to ease any time soon
•
Oil soars on relatively small inventory build,
gasoline drawdown
– 1.3mn
barrel increase compares to average 6.9mn barrels previously this year
– Crude oil
production falls slightly, gasoline inventories fall 2mn barrels – unusual for
this time of year
– Oil prices
soar, oil currencies soar = NOK was best-performing G10 currency
•
Australian unemployment unexpectedly falls to
6.1% from 6.3%
– Even as
participation rate rises; both part- and full-time employment beat forecasts
– AUD up
sharply
•
Today:
– US: Housing
starts & building permits for March; starts expected to rise after
February’s unseasonably cold weather stalled building, but permits expected to
fall. Consistent with improving housing market following big rise in NAHB index
– Speakers:
ECB’s Constancio, Fed Presidents Lockhart, Rosengren & Mester
and Vice Chair Fischer
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