Forex Focus on ECB and European PMI’s

Summary:
• It is ECB day today and forex traders do not expect much of the last ECB meeting with Mario Draghi as President. You can read more in our ECB Preview

It is ECB day today and forex traders do not expect much of the last ECB meeting with Mario Draghi as President. You can read more in our ECB Preview: What Do Six Banks Anticipate?

The European trading session starts with France October flash Manufacturing, Services and Composite PMI due at 7:15GMT. The Germany October flash Manufacturing, Services and Composite PMI will be released at 7:30GMT, the Eurozone October flash Manufacturing, Services and Composite PMI will be out at 8:00GMT. UK Finance September mortgage approvals is due at 8:30GMT.

In our central bank calendar the focus will be on ECB October monetary policy decision due 11:45GMT followed by President Mario Draghi press conference at 12:30GMT. Riksbank interest rate decision will be published at 9:30, together with the Monetary Policy Report and a press conference at 11:00. CBRT will also announce its monetary policy decision.

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In South America the central bank of Chile cut its benchmark rate to 1.75% from 2%.

Asian equity indices are trading mixed today; Nikkei is 0.59% higher, the Hang Seng trading 0.46% higher at 26,680 and Singapore Straits Times is 0.82% higher at 3,170. EURUSD trades 0.02% higher at 1.1132; the USDJPY is 0.07% lower at 108.61 while the AUDUSD is 0.17% lower at 0.6841.

The central bank of China set the Yuan rate (USDCNY) at 7.0727 versus yesterday settlement at 7.0752.