Prior to the ECB press conference a few items stand out; the dollar remains within yesterday’s ranges versus the euro, pound, and yen. The exceptions are the kiwi and the Aussie dollar.
The euro which we mostly covered in the previous forex blog post but an item of additional relevance may be Trichet’s remarks which may touch on a possible restructuring of the Greek debt. Previously the ECB was staunchly against any restructuring as the ECB is one of the largest holders of Greek sovereign paper but the ECB may be warming to the idea.
Sterling is slightly higher versus the dollar after the BOE held interest rates steady at 0.5% for the 27th consecutive month. The central bank also did not change the 200B of gilts the bank carries on its books for the asset purchase facility.
The kiwi soared versus the USD both overnight and this morning as the RBNZ was more hawkish than expected. The New Zealand dollar has also received a boost since it was announced that China would be diversifying its FX reserves with the NZD. In contrast the Aussie dollar is noticeably lower for the second day in a row following disappointing employment data and a more dovish than expected RBA.
Today’s US trade balance and weekly unemployment claims will largely take a back seat to the ECB press conference as the S&P continues to trade in the red for the 7th consecutive trading session.
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