The spotlight turns to Christine Lagarde and her second ECB press-conference. She has already announced that a strategic review of ECB’s procedures is set to begin in January 2020 and that the conclusions will be announced within 2020. The most probable expected changes are the widening of the bank’s mandate to include an employment metric target, and an update to its inflation target to give equal weights to too-low and too-high inflation or an update of the way the inflation target is measured, to include some more weight on housing. Widening the ECB’s toolkit like the inclusion of green bonds is probable, but no particular insights are expected today.
The German Chancellor Angela Merkel, Italian Prime Minister Giuseppe Conte, George Soros, and the Venezuelan Politician and former head of the Venezuelan Parliament Juan Guaidó are scheduled to speak today at the World Economic Forum. Guaidó defied a travel ban set by Maduro and risks arrest upon his return. The Turkish foreign minister, Italy’s minister for European affairs and NATO’s secretary –general will discuss over the military alliance.
Yesterday’s downwards revised GDP outlook of the Bank of Canada, was enough to send the CAD lower. The bank continues focusing on consumer spending, housing and the path of business investments to realize if the recent slowdown will persist or not.
Macro releases: Other than the monetary meeting of the ECB that will attract the focus of traders, the economic calendar includes the US crude oil inventories and New Zealand’s inflation reading.
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