Today, traders are focused on Europe, where a large number of economic indicators are expected to be published. In the middle of the day, there will be a meeting of the ECB, which will be the last under the leadership of Mario Draghi. Therefore, it is unlikely to expect any changes in monetary policy and changes of the rate at today's meeting. Most likely, the results of the ECB's activities and their impact on the EU economy will be summed up. However, this could still affect the Euro, and most likely negatively, given the situation in the EU economy.
Today's ECB meeting will be held amid recently published data that showed a worsening of the economic situation in October in Germany and in the EU as a whole. As it became known, business activity in Germany in the manufacturing sector remains at an extremely low level, slightly changing compared to last month. According to forecasts, the PMI index of business activity was supposed to grow to just 42 pip, but even this level wasn't reached. Business activity in the Eurozone as a whole remained at the level of 45.7 pips, as it was a month earlier.
The afternoon is also expected to be eventful. Today, new data on orders for durable goods in the United States, data on sales of new housing in the United States, as well as a press conference of the ECB will be published. Therefore, volatility will be high for the EUR, the USD, and probably for safe assets, which may receive support following the ECB meeting and in case the macroeconomic reports from the US prove disappointing.
