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The ECB is going to move the euro
The European Central Bank publishes the monetary policy statement alongside with an update on the interest rate on October 29, at 14:45 MT time.
Instruments to trade: EUR/USD, EUR/JPY, EUR/GBP
This October brought negative news to the Eurozone. The new wave of coronavirus cases across the Union as well as the uncertain outlook for the GDP growth in the fourth quarter may push the policymakers towards more actions. The officials have already warned the European banks about the possibility of negative rates coming soon. We recommend you to keep an eye on the statement as well as on the comments by the ECB President Christine Lagarde during the press conference at 15:30 MT time. Her remarks about the current performance of the euro and on the possible monetary policy changes will be in focus.
- If the ECB confirms more easing needed, the EUR will weaken;
- If the ECB doesn’t change its attitude, the EUR will strengthen.
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