Here’s a preview of the top 3 things that could rock markets today:
1. UK GDP To Revive Sterling’s Rise Against Dollar?
The second reading of fourth quarter UK Gross Domestic product (GDP), is expected to confirm the UK economy grew at 0.5% in the fourth quarter.
The pound has struggled to make a sustained move above $1.4 against the greenback as the latter has rebounded from three-year lows following recent data showing improved US inflation and economic growth. The FOMC minutes Tuesday boosted greenback despite analysts pointing out that the minutes failed to lift expectations for a faster pace of rate hikes.
“The discussion offered limited indication of a Fed turning more preemptive in the face of fiscal stimulus and stronger global growth conditions,” TD Securities said. “This was especially apparent in the Fed's discussion over the neutral rate, where the outlook is little changed.”
GBP/USD fell 0.53% to $1.3922.
2. Energy Information Administration To Report Third-Straight Build in Crude Stockpiles?
A fresh batch of inventory data from the Energy Information Administration (EIA) on Wednesday is expected to show that U.S. crude stockpiles rose for a third-straight week.
Analysts forecast crude inventories rose by about 1.795 million barrels in the week ended Feb 16.
Crude oil futures settled lower on Tuesday as fears over rising US supplies and production weighed.
3. ECB January Meeting Minutes To Halt Euro 3-Day Losing Streak?
The minutes of the European Central Bank (ECB) meeting in January due Thursday is expected to provide investors with an insight into the European central bank’s thinking on monetary policy.
At its January meeting, the European Central Bank left rates unchanged and reaffirmed its decision to make net asset purchases of 30 billion euros from January until the end of September 2018, or beyond if necessary. ECB president Mario Draghi warned that euro volatility creates uncertainty.
EUR/USD fell to a third straight day of losses, ending the session under $1.23.