Markets React to European Central Bank Press Conference; Brent Crude Oil Prices Rise Above $50
Published July 20, 2017
All eyes are on the European Central Bank this morning as ECB President Mario Draghi commences his press conference; Draghi is set to speak on the state of the Eurozone and at what rate the bank intends to tighten monetary policy
For now, the ECB revealed that they will keep deposit rates at -0.40% and interest rates at 0.00% as expected; the Euro remains volatile after these initial data releases showed that the ECB intends to keep its dovish monetary policy
The US dollar index gained its largest daily percentage rise in nearly two weeks as sentiment on the Euro shifted; USD/CAD is currently settled just above 1.2600
US Initial Jobless claims fell to a five month lower of 233,000 versus an expected 245,000 claims; the Philadelphia Fed Manufacturing Index fell to a reading of 19.5 versus an expectation of 24.0
Oil prices continue to rise after data from the US Energy Information Administration showed that both oil and gas inventories in the US fell more than expected; Brent crude prices rose over 50$ 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
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