- As expected, the ECB left rates unchanged yesterday at 0.00%. In the accompanying press conference, President Mario Draghi stressed that the central bank currently has very little sense of urgency to take further action on the rate.
- The ECBs asset purchase programme is set to continue at €80bn for this month before proceeding at €60bn from April.
- GBP/EUR fell by a third of a percent, opening at 1.1538 before closing the day down at 1.1499. whereas EUR/USD was up by 0.33%.
- US unemployment claims came in very slightly firmer than expected at 243K vs 239K.
- Overnight we saw the BSI manufacturing index from Japan come in much weaker than expected at 1.1 vs 8.4.
- As a result we saw the yen weaken and GBP/JPY strengthen by half a percent.
- This morning UK manufacturing production m/m come in at -0.9% vs -0.6% expected.
- This afternoon we will see employment data from Canada and employment and earnings data from the US.
- The expected non-farm payrolls figure is 200K.