11/05/2017 - Draghi Continues QE, BoE Decision Today

EUR

European Central Bank president Mario Draghi spoke at the opening of a hearing at the Dutch Parliament in The Hague about the current stimulus package. Draghi said the package hasn’t finished the job yet, even as he acknowledged that the region’s economy is getting stronger.

ECB policy makers are discussing the gradual removal of stimulus amid a steadily strengthening economy that has so far showed little signs of generating faster price growth. “Incoming data confirm that the cyclical recovery of the euro area economy is becoming increasingly solid and that downside risks have further diminished,” he said. 

USD

US crude oil inventories were reported to drop sharply as imports fell, while inventories of refined products also fell, helping boost oil prices that have been weighed down by concerns about oversupply. However, U.S. production rose, and refining runs declined, giving analysts pause about the market's sharp rise. Oil prices extended their gains, however continued to trade below $ 50 a barrel.

Key Announcements 

09:30 – GBP : Manufacturing Production m/m is expected to fall to -0.2%

12:00 – GBP : BOE Inflation Report

12:00 – GBP : MPC Official Bank Rate Votes

12:00 – GBP : Monetary Policy Summary

12:00 – GBP : Official Bank Rate is expected to remain at 0.25%

13:30 – USD : Producer Pricing Index is expected to increase to 0.2%

13:30 – USD : Unemployment claims forecast to increase to 245k