Attention is likely to focus on the ECB’s policy rate announcement and press conference

Attention is likely to focus on the ECB’s policy rate announcement and press conference

28.10.2021

Yesterday, two of the three major U.S. stock indices closed lower, with the market ending the day in a risk-off mood marked by falling stock prices, lower interest rates, and declining oil prices. U.S. durable goods orders for September, released yesterday, came in at a 0.4% decline—better than the market forecast of a 1.1% drop—but marked the first decline in five months.

In the foreign exchange market, the euro—which is set to announce its policy rate today—is trading without a clear direction, with the EUR/USD pair fluctuating around the 1.160 level. In particular, over the past two days, it has been trading within a range of 1.158 to 1.161, making it very difficult to gauge the market’s direction. Meanwhile, the euro has risen slightly against the pound, with the EUR/GBP pair currently trading around 0.844.

Today’s schedule includes Germany’s unemployment rate at 4:55 PM, South Africa’s Producer Price Index at 5:30 PM, the ECB’s policy rate decision and statement at 8:45 PM, Germany’s Consumer Price Index (flash estimate) at 9:00 PM, U.S. initial jobless claims at 9:30 PM, remarks by ECB President Lagarde, U.S. third-quarter GDP,U.S. Core PCE Deflator, U.S. Personal Consumption Expenditures (flash estimate), U.S. Pending Home Sales at 11:00 PM, U.S. Weekly Natural Gas Inventories at 11:30 PM, U.S. Kansas City Fed Manufacturing Activity Index at 12:00 AM, and a U.S. 7-Year Treasury Auction at 2:00 AM.We will keep a close eye on ECB President Lagarde’s remarks while monitoring the direction of European currencies.

Past Market Reports

1. 17.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

2. 16.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

3. 15.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

4. 14.04.2026New

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

5. 13.04.2026New

   Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

6. 10.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

7. 09.04.2026

   Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

8. 08.04.2026

   Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?

9. 07.04.2026

   Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran

10. 06.04.2026

    Investors should be wary of sudden spikes in volatility while major markets are closed