31/01/2017 - ECB Not To Delay Tapering Discussions

EUR

German critics of the European Central Bank’s 2.28 trillion-euro ($2.4 trillion) bond-buying program got a little bit more ammunition yesterday after German inflation picked up further in January - hitting the highest level in three-and-a-half years following preliminary data on Monday.

The consumer price figures, are likely to fuel the political debate in Germany, Europe's biggest economy, about ending the ECB's loose monetary policy. However the ECB stated on Monday that the central bank would probably first review its monetary policy stance in June and stop short of any decision on winding down its monetary  stimulus programme to try to boost growth across Europe, which was initially expected in March.

GBP

Over a million people in Britain have signed a petition calling for U.S. President Donald Trump's planned state visit to be cancelled to avoid embarrassing Queen Elizabeth, a backlash against trumps sweeping new immigration policies.

The invitation to make a state visit, was conveyed by Prime Minister Theresa May when she visited Trump in Washington last week. However May came under pressure to cancel the visit after Trump issued an executive order barring Syrian refugees from the United States and suspending travel from seven Muslim-majority countries, sparking protests at home and abroad.

The petition against the state visit stated that  "Donald Trump should be allowed to enter the UK in his capacity as head of the US Government, but he should not be invited to make an official State Visit because it would cause embarrassment to Her Majesty the Queen," passed 1.3 million  signatories on Monday mid-afternoon local time.

Key Announcements

10:00 – EUR: Eurozone Q4 preliminary GDP (YoY) expected to remain unchanged at 1.7%

10:00 – EUR: Eurozone Unemployment Rate (Jan) expected to remain unchanged at 9.8%