Interestingly during the conference of central banks – Interia

The real surprise was the attack on Mario Draghi, after which the meeting was interrupted for a few minutes. May wonder how you managed to get into a woman protesting area for journalists who need to undergo a detailed inspection. Mario Draghi was not, however, seemed confused by these events and behaved very confident during his speech. One of the most important information, was the answer that the European Central Bank does not intend to lower the deposit rate (currently 0.2%). ECB chief seemed to be surprised by questions about the limitation of the asset purchase program after one month from the start of the program. Draghi also said that it is not afraid of a situation where the lack of assets that qualify for QE program. It is believed that there is no such risk and market participants should focus on the effects of the ECB’s program, which already shows a better outlook for inflation from many international institutions also reflect market inflation expectations.

Marek Belka unless he decided to steal the show Mario Draghi, because it turned out to be the star of the conference MPC. Very brief statements NBP president left the meeting participants somewhat confused. The beam seemed annoyed with questions about the PLN, said that in Poland there is a floating exchange rate, which is determined by the market forces. With interesting, we learned that Marek Belka eat soup at a time when they were published data on inflation, because yesterday refused to comment on the matter.

Official data from the EIA report on crude confirmed significant decrease compared to last week, which the day before had been signaled by the agency API. The smaller-than-expected increase in inventories, contributed to strong increases in oil prices, crude is already above $ 56 per barrel of oil. After the publication of these data currency gained the most oil. Canadian dollar and the Norwegian krone gained more than 1.5% yesterday against the US dollar. To growth in the CAD also contributed finding boss Stephen Location Central Bank, who presented an optimistic outlook for the country’s economic growth in the second half of the year 2015. The market, however, takes an expectation of a certain amount of skepticism and it is believed that if you do not see the acceleration in economic activity, This interest rate cut later in the year is likely.

The strongest currency in the morning is the Australian dollar. Very good reading from the labor market surprised the market. Increase in employment (37.7 thous.) Proved to be more than twice as better than expected, and up the reading was revised in February. The unemployment rate fell from 6.3% to 6.1%. Such publications bid ask yourself whether the Central Bank of Australia will lower this year interest rates. Today’s reaction to the AUD, which gained almost 1% against the USD, shows that many investors are thinking about the answer.

Today, the calendar will rivet attention to US data. Another publication from the labor market, this time claims for unemployment benefits, and property – the authorization and the start of construction of new homes. After yesterday’s weaker-than-expected CPI reading, today we will still read core inflation. In the evening will be a lot of instances of the heads of the Fed from individual US states. Before 10:00 golden dollar cost 3.7774, euro 4.0157 zloty Polish zloty Pound 5.6020 and 3.9060 franc appreciation.

Arkadiusz Trzciołek

The financial markets analyst XTB