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ECB Calls for Unity as the Lagarde-Era Begins| Traders Look to Poloz for Monetary Policy Cues

Published November 21, 2019
  • During Mario Draghi’s final meeting as ECB President, the minutes of its October monetary policy were released. ECB policymakers called for a united front on future policy decisions, as the governing council looks to turn the page on the fragmented Draghi-era.  This may prove easier said than done, as the divisions run much deeper than just economics.  Competing political, cultural, and economic ambitions among the individual nations have plagued the Eurozone since the inception of the European Monetary Union. Incoming President Christine Lagarde will have her work cut out for her during a critical time in Europe.
  • The Eurozone PMI and German GDP data are set for release tomorrow after a relatively quiet week for European economic data.  The euro has been grinding higher over the last week and is slowly approaching the 1.11 mark against the US dollar.  Tomorrow’s data, as well as overall market sentiment, will play a big part in the euro’s bid to recapture 1.11 for the first time since November 5th.
  • The Canadian dollar has taken another hit this morning after ADP October employment data came in much worse than expected.  The Loonie is already sitting at 1-month lows against the US dollar, and with Bank of Canada Governor Poloz speaking this morning, there may be more room for retreat.  After Deputy Governor Wilkins dovish comments earlier this week, the market will be carefully listening for cues from Poloz as to where Canadian monetary policy is heading.