Today there will be an ECB press conference, where we expect an announcement of the reduction of the volume of bonds redemption. With yesterday's trading, the euro began to regain its positions and stopped the two-day rally of the dollar.
Today's meeting is one of the most anticipated events in October. The decision taken in the course of this meeting will affect the further movement of the EUR/USD pair for the coming period. It is expected that the redemption amounts will be reduced from 60 to 30 billion; if the ECB decides to reduce the amount of repurchase up to 40 billion, the dynamics for the euro will be positive, and if the amout is about 20 - negative.
Dollar positions are supported in anticipation of the adoption of the tax reform and the appointment of a new head of the Federal Reserve. Investors' interest is warm due to the expectation of interest rate hikes. Figures released yesterday by the US economy for the most part exceeded expectations.
More about the events of today you can see here.
