Saturday, 25 May, 2019

Dovish ECB Fails to Lift Inflation Views, Rate-Hike Bets Pushed Out

European shares pull back ahead of ECB meeting ECB sees interest rates unchanged at least through 2019
Russell Knight | 10 March, 2019, 19:13

The euro climbed after closing at its lowest level since 2017 on Thursday, when the European Central Bank slashed growth forecasts.

Analysts cautioned the timing of the Lunar New Year made it hard to draw a true signal from the noise but the scale of the miss was alarming.

With the Shanghai Composite up by more than 26 percent in just three months, there are fears that the bull-run is out of control and overheating.

Today could be an interesting day for the Pound to US Dollar (GBP/USD) and Pound to Canadian Dollar (GBP/CAD) exchange rates with a host of highly influential labour market data being revealed across the pond.

"The trade data from China is a big part of it", said Fiera Capital's co-chief Investment Officer Julian Mayo.

"Our own view is that the Chinese economy is slower than people generally think, but I think the world economy is probably slower than people think, so you put those two together and it is not surprising that the trade data was weaker than expected". European banks, autos and basic resources performed worst. It also cut its growth and inflation forecasts while offering banks a new set of cheap loans to bolster economic growth. The pressure looked to continue on Wall Street, with S&P 500 E-Mini futures easing 0.4 percent.

The reversal came in the same week that Canada's central bank took a sudden dovish turn and dismal data from Australia to the United Kingdom instilled a sense of foreboding in markets.

International Wome's Day; Women Bang Pots and Pans in Madrid
Thousands of women and men have gathered in cities across the world to mark International Women's Day on 8 March . It was in 1914 that the International Women's Day was celebrated in Germany and London on March 8, 1914.

Americans need visa for European travel starting in 2021
But permission will be good for three years and for multiple trips in and out of the Schengen Zone, which covers 26 countries . Visa-free travelers, including USA citizens, will need to request ETIAS authorization before visiting the Schengen Area.

Beijing played constructive role in de-escalating Pakistan, India tensions: China
He went on to say that China is willing to continue to play a constructive role in this regard. The JeM claimed responsibility for the Pulwama attack .

While no policy changes were made this month, the European Central Bank propelled the Euro lower as it altered its forward guidance to indicate rates would remain on hold through to 2020, whilst also revising its economic forecast for 2019 sharply lower.

The ECB said on Thursday rates were unlikely to rise until 2020 at the earliest.

"Our initial take is these developments are pressing down on market confidence, seen in lower bond yields and equities".

European Central Bank also lowered its inflation projection to 1.2 percent, well below its target rate of just below 2 percent.

The Australian dollar trod water at US$0.7015, having declined 0.9 per cent this week and hitting a two-month trough of US$0.7005 after data showed the economy grew at its slowest pace in two years last quarter.

The U.S.jobs report on Friday will provide more clues on the state of the world's biggest economy, after ECB President Mario Draghi delivered fresh stimulus as he downgraded the outlook for the euro area. Nonfarm payrolls may have increased by 180,000, while the jobless rate fell to 3.9%, according to estimates.

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