Weekly Trading Update

European Central bank to release Monetary policy statement



Eurozone
The Eurozone will steal all the headlines this week, with the main event being the European Central Banks Monetary policy statement on Thursday. Amid current inflation fears, it will be interesting to see the ECB’s take on the matter, and whether they will be inclined to adjust interest rates to thwart growing concerns. They might however see a positive forecast for the future, with Covid vaccines being rolled out at a much greater rate and life starting to get back to normal. Therefore, it might be wise to keep interest rates as they are, encouraging spending in the hope that growing inflation problems will stagnate over time. After this the ECB President and Vice President will be holding a press conference after the minimum bid rate is announced. Expect to see some market volatility as during the press conference based on what. This week we will also see Germany and France release Manufacturing and services PMIs.

US
A quiet week ahead for the US. On Wednesday we will see the Crude Oil Inventory numbers. Dollar investors will hope that the actual numbers are less than those forecasted, as this can give sometimes give a bullish turn for the currency. Thursday we will see US Unemployment Claim numbers, and the US will finish the week off with Flash Manufacturing and Services PMIs.

UK
No major statistics this week for the UK. The highlight of the week comes in the form of Retail Sales month to month numbers from the Office of National Statistics. This will give a good idea of how UK spending is going, especially in the current Covid environment, key for understanding UK economic activity. Like the rest of the world, the UK will also be releasing Flash Manufacturing and Services PMIs.

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