Markets React to European Central Bank Press Conference; Brent Crude Oil Prices Rise Above $50

• All eyes are on the European Central Bank this morning as ECB President Mario Draghi commences his press conference; Draghi is set to speak on the state of the Eurozone and at what rate the bank intends to tighten monetary policy
• For now, the ECB revealed that they will keep deposit rates at -0.40% and interest rates at 0.00% as expected; the Euro remains volatile after these initial data releases showed that the ECB intends to keep its dovish monetary policy
• The US dollar index gained its largest daily percentage rise in nearly two weeks as sentiment on the Euro shifted; USD/CAD is currently settled just above 1.2600
• US Initial Jobless claims fell to a five month lower of 233,000 versus an expected 245,000 claims; the Philadelphia Fed Manufacturing Index fell to a reading of 19.5 versus an expectation of 24.0
• Oil prices continue to rise after data from the US Energy Information Administration showed that both oil and gas inventories in the US fell more than expected; Brent crude prices rose over 50$ for the first time in six weeks
• The Bank of Japan also left monetary policy unchanged while extending their time horizon for reach a 2% inflation target; this decision reinforces the idea that the Japanese Central Bank will adjust monetary policy at a slower pace