ECB Meeting today

HEADLINES

Loonie Nosedives as BoC Sets Sights on Tightening After Bond Taper

The loonie slumped Wednesday after the Bank of Canada became the first major central bank to rein in its bond buying program, and laid out the red carpet for a shift away from an ultra-accommodative policy. USD/CAD fell 0.88% to C$1.2496. – Investing.com

EUR/USD Forecast: ECB’s Lagarde to try down-talk the shared currency

The EUR/USD pair bottomed at 1.1998 this Wednesday, but it’s ending a second consecutive day unchanged in the 1.2030/40 price zone. FX traders looked at stocks for direction amid the absence of macroeconomic data – FX Street

European markets close higher as traders monitor earnings;

The pan-European Stoxx 600 index ended the session up 0.7% after a choppy trading session. Retail stocks jumped 1.8% to lead gains with most sectors and major bourses in positive territory. - CNBC

Stocks on Wall Street snap back-to-back falls

Stocks on Wall Street rebounded after two consecutive days of declines on Wednesday as sectors poised to benefit from a recovery in the world’s largest economy led markets higher. It marked a recovery from earlier in the day where concerns over weaker tech company earnings and global coronavirus cases had initially knocked stock markets. – Financial Times

Gold Comes Within Hair’s Breadth of $1,800, A First Since Feb.

Gold wallowed at the start of the year in a selloff that took it to a 11-month low of $1,673.30 on Comex by early March. But it seems to have caught an uptrend now, reinforced by renewed concerns over inflation and geopolitical risks. – Investing.com

Oil prices end at 1-week low on global COVID worries, rise in U.S. crude supplies

Oil futures posted their lowest finish in just over a week on Wednesday, as traders bet that rising COVID-19 infections in Asia will hurt energy demand, and as official data revealed an unexpected weekly rise in crude inventories.- MarketWatch

ANALYSIS

EUR & ECB Cribsheet

With the euro below its multi-quarter average and the European Central Bank already announcing front-loaded purchases in March, the April ECB meeting should have a muted impact on the single currency. Instead, the focus will be on improving eurozone data in coming months, and with EUR/USD still trading cheap, further upside lies ahead - Think.ING.com

WISDOM

You get recession, you get stock market declines. If you don’t understand that’s going to happen, then you are not ready and you will not do well in the markets. – Peter Lynch

CHART

Spot Silver – 4hr Candlesticks

Source: GKFX Metatrader 4 

XAG/USD is now testing resistance from the March 18 peak. A break higher would see the price move to its highest in 7 weeks, adding to recent bullish momentum since breaking back above a falling trendline and its 200-period moving average. - Prepared by Trading Writers*

CALENDAR

*Times in GMT
 
Source: FX Street

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