Yesterday’s European Central Bank announcement saw no changes made. The central bank steered the ship steady with Christine Lagarde maintaining her dovish stance and reaffirming the usual accommodative message. The euro traded lower on the announcement but managed to maintain its footing following the press conference.
It’s clear the ECB would like to give itself some breathing room and buy enough time to be able to monitor developments and remain nimble. While this may not help the euro’s cause in the medium to longer-term, it’s apparent that the bulls have not been scared, with EURUSD keeping its head above the $1.20 level.
Today’s focus will be on European and US flash PMI numbers. These are data points reflecting April activity so could have a significant impact on markets. From the UK, retail sales data for March will also be on tap.
Have a great weekend.
Written by Viv Savani. 7:35am, April 23rd 2021
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