
The most impactful releases of this week will fill the market with volatility and sharp movements. Be ready to take action!
The European central bank will announce the main refinancing rate and make a monetary policy statement at the ECB press conference on Thursday, June 9, at 14:45 MT. It happens eight times a year. The central bank will share the current interest rate details and give the overall economic outlook and inflation forecasts. In addition, the ECB may provide clues about future monetary policy.
At the last meeting, on April 14, there was nothing particularly negative in the ECB statement. In a press statement after the meeting, Christine Lagarde claimed that the eurozone was more vulnerable to the Russian-Ukrainian crisis than the US, and that’s why the ECB can’t guarantee growth. The forecast made by the ECB was more “stagflationary.” Thus, it isn’t clear if the faster risk hikes are coming due to rising consumption. It would be the most obvious positive outlook for the euro.
The previous meeting brought volatility to the EUR. After the announcement, EURGBP lost more than 200 points, and after the press conference, there were around 450 points down.
If you traded 1 lot at that time, you would have earned $604.
If the ECB statement is more hawkish than forecasted, EURUSD will likely rise. In a more dovish situation, EURUSD will likely fall.
Check the Economic Calendar.
Instruments to trade: EURUSD, EURCAD, EURGBP.
The most impactful releases of this week will fill the market with volatility and sharp movements. Be ready to take action!
We prepared an outlook of major events of this week. Check it and be ready!
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