- European indices point to a higher open
- US oil report under scrutiny after API reports sharp decline
- Czech National Bank expected to leave rates unchanged
European index futures point to a higher opening of the Old Continent’s cash session today, with Euro Stoxx and DAX futures trading up around 0.5% at press time. This comes after a rather bullish Asian session when regional indices gained. The AUD is one of the worst performing G10 currencies after Australian CPI data for February came in below expectations. On the other hand, the USD is among the leaders of the G10 and puts pressure on the prices of precious metals.
The economic calendar for the day ahead is light as all the top releases scheduled for this week will take place on Thursday and Friday. Traders will be offered a rate decision from the Czech National Bank, with rates expected to remain unchanged. US pending home sales data at 15:00 BST could trigger some short-term volatility on the USD, if it shows a major deviation from expectations. Oil traders will focus on the official US oil inventory report after API data released yesterday showed a massive drop.
4:00 p.m. – United States, awaiting home sales for February. Expected: -2.5% month-on-month. Previous: +8.1% month-over-month
4:30 p.m. – United States, DOE report on US oil inventories.Central bankers’ speeches
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