Attention turns to Europe and the conclusion of the latest interest rate meeting of its central bank.

The EURUSD made some gains overnight after opening the day at $1.17739. The pair did not look impressive early, sliding to lows of $1.17517 mid-session. However, it rallied off those lows, peaking at $1.18333 just three hours later. It could not maintain that high and gave up some of those gains late. It is now trading at $1.18077. The GBPUSD opened and closed rather flat overnight after beginning the day at $1.29799. The first half of the session saw the pound slump to a low of $1.28836 before rebounding and hitting a high of $1.30223 late. It has come off those highs and is now trading at $1.29844.

Indices finally turned it around overnight as the Dow and Dax both put in strong showings. The Dow started Thursday at 27,290.10 and dipped to lows of 27,194.49 in the opening hour of trade. It bounced off those lows and surged to a high of 28,208.95, which it hit shortly before the close. It has given up some of those gains and is now trading at 27,948.30. The Dax followed the Dow’s lead after opening at 12,902.09. The German index slipped to lows of 12,866.02 soon after the open but rallied for the rest of the day, peaking at 13,315.64 late. It has come away from those highs and is now trading at 13,257.10.

Focus shifts to Europe with the conclusion of the latest ECB interest rate meeting. While interest rates are tipped to remain on hold at 0%, traders will be keenly listening to ECB President Christine Legarde’s remarks during the press conference to see if the central bank has any plans to adjust any other monetary policy settings. Although it is likely that the ECB will hold fire, pressure may begin to mount, given some of the underwhelming data coming out of Europe lately.

Other data published today includes:

Canada – BoC Governor Tiff Macklem speaks

UK – CB Leading Index, NIESR GDP Estimate

Europe – Monetary Policy Statement, French and Italian Industrial Production

US – PPI & Core PPI, Unemployment Claims, Crude Oil Inventories, Natural Gas Storage, Final Wholesale Inventories

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