The market is resilient ahead of the speeches of Fed’s Powell and ECB President Lagarde, but there are still interesting movements.
ECB Meeting & Press Conference
|Traders are now extremely alerted to any comments from the European Central Bank as they expect the regulator to announce the scaling back of its 2.3 trillion-euro bond-buying program in September or October. That’s why the ECB meeting on September 7 will draw a lot of attention.|
|The minimum bid rate will be announced at 14:45 MT time and the regulator’s press conference will start at 15:30 MT time. The EUR made big moves the last time President Mario Draghi spoke with the press and there are all reasons to believe that there will be many trading opportunities this time as well.|
The uncertainty over US fiscal stimulus and Brexit, and also rising new virus cases deteriorated the market mood. That’s why we can expect the further rally of the US dollar and the fall of riskier assets today.
Stock significantly surged: S&P 500 and Nasdaq reached 6-week highs. The market sentiment may deteriorate today as Johnson & Johnson’s Covid-19 vaccine trails have been stopped because of the unexplained illness.
Three main drivers of the market: the stimulus package, the US presidential election and the coronavirus. Let's look how market reacts.
The US Department of Justice thinks 87% a market share is too much for Google alone. The market thinks it's ok.
EU Flash Manufacturing & Services PMI will come out on Friday at 11:00 MT time!