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- European session review: ECB mixed after the release of ECB’s monetary policy meeting accounts
European session review: ECB mixed after the release of ECB’s monetary policy meeting accounts
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 06:00 | Germany | Producer Price Index (YoY) | July | -1.8% | -1.8% | -1.7% |
| 06:00 | Germany | Producer Price Index (MoM) | July | 0% | 0.1% | 0.2% |
| 06:00 | Switzerland | Trade Balance | July | 2.74 | 2.58 | |
| 09:00 | Eurozone | Construction Output, y/y | June | -10.5% | -5.9% | |
| 11:30 | Eurozone | ECB Monetary Policy Meeting Accounts | ||||
| 12:30 | U.S. | Continuing Jobless Claims | August | 15486 | 15000 | 14 |
| 12:30 | U.S. | Philadelphia Fed Manufacturing Survey | August | 24.1 | 21 | 17.2 |
| 12:30 | U.S. | Initial Jobless Claims | August | 963 | 925 | 1 |
EUR traded mixed against other major currencies in the European session on Thursday as investors assessed the account of the ECB’s monetary policy meeting on July 15-16. The euro rose against AUD and NZD, fell against GBP, CHF and JPY, and was little changed against USD and CAD.
The accounts revealed that the ECB’s Governing Council was cautioned that the recent positive market developments were not fully backed by economic data and might be based on overly optimistic expectations about the European Council’s recovery package and about progress on developing a vaccine. In addition, the policymakers acknowledged that uncertainty about the economic outlook remained elevated.
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