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Mario Draghi Has Put A Notice For Further Economic Stimulus

Euro on correction today after hit a one-week high yesterday while top-rated euro zone government bond yields and money market rates rose after the European Central Bank gave no hint of imminent monetary policy easing on Thursday.

Germany's Constitutional Court said today it had decided to refer a complaint against the European Central Bank's (ECB) "unlimited" bond-buying programme to the European Court.

The euro rose to a one-week high against the dollar of 1.3619 and a 2014 high against the British pound after the ECB press conference.

ECB President Mario Draghi said the bank held interest rates steady at a record low of 0.25 percent on Thursday because it needed to acquire more information.

Mario Draghi has put investors on a month's notice for further economic stimulus after outlining the ingredients necessary for action. The European Central Bank president cited next week's snapshot of euro-area economic growth and the need to better assess the inflation outlook as critical for whether policy makers take "decisive" steps when they reconvene to set monetary policy in March.

Initial data on euro-area gross domestic product for the fourth quarter will be released on Feb. 14. The economy probably expanded 0.3 percent, according to the median estimate by Bloomberg.

The Swiss National Bank's foreign exchange reserves rose in January. The SNB held 437.707 billion Swiss francs in foreign currency at the end of January, compared with 435.205 billion in December, revised from an originally reported 435.190 billion.

A leading indicator of the Japanese economy increased for the fourth successive month in December, and exceeded economists forecast, latest data revealed Friday. The leading economic index increased to 112.1 in December from 111 in November.

HSBC China Composite PMIā„¢ data (which covers both manufacturing and services) signaled an expansion of total output for the sixth successive month in January. However, the rate of growth eased to a marginal pace that was the weakest in the current sequence. This was signaled by the HSBC Composite Output Index posting at 50.8 in January, down from 51.2 in December.

The AUD/USD has rotated aggressively lower, with no apparent trigger causing the sharp drop in prices. AUD/USD has broken down support at 0.8940, extending the slide until 0.8922. Watch for a retest of 0.8940, likely to act as resistance now. The RBA released was positive for the AUD, after the CB upgraded both growth and inflation projections, setting the June 2014 GDP growth forecast for Australia at 2.75% vs 2.5% in Nov, while inflation was revised higher to 3%.

With emerging market stocks and currencies recording their worst start to the year since 2008, Draghi said that the weakness of countries from Brazil to Turkey has "the potential to negatively affect economic conditions." He nevertheless pushed back against calls by some developing-nation policy makers including Reserve Bank of India Governor Raghuram Rajan for greater cooperation among central banks. "The priority for all of us is the compliance with our mandate," said Draghi.

Watch today: German output, US payrolls & debt ceiling.

By Zulutrade

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