Yesterday’s data was a non-even to say the least, there was a plethora of statements but not a lot of movement. The biggest driver yesterday was the ECB Monetary Policy statement, there was no real shocker as interest rates were kept the same, with an emphasis on more stimulus. Yellen made a statement last night regarding the black arts of international trade “currency manipulation” and how they will not stand for China’s practices.
No plans are laid out, but they are in discussions on it. It feels like the Biden administration is in its festive season, a lot of Hope and Positivity, but once you realize half the ornaments got lost and the lights knotted up, will take a lot of work to undo what was put in place. But in his first day in office, he is doing his utmost to tackle it head on.
Biden’s American Rescue plan was also discussed with regards to his $1.9 Trillion stimulus plan. Today is very much PMI day with focus shifting from one country to the next to get their PMI data out. We are starting off with Europe from 10:15 - 11:00, then going to the UK at 11:30 and finishing up with the US at 16:45. And lastly for those that are trading Brent or WTI, keep an eye out for Oil Inventories being released at 18:00.