The S&P 500 futures and EU markets are trading marginally lower this morning, that’s ahead of the ECB Press Conference that’s scheduled for 8:30 am US. Investors will be looking for additional EU stimulus plans and maybe for a revision of its inflation base targets, following the FED policy on inflation near term. The dollar is losing ground ahead of the ECB meeting, the dollar index is trading at 93.11 this morning, down 0.25% while Euro investors are on guard for the ECB press conference and near-term policies news. Gold and Silver are trading marginally higher on the weaker dollar, Gold is trading at $1,949 per ounce, up 0.25% and Silver trades at $26.96 per ounce, up 0.68%. Oil reversed lower again this morning ahead of the Inventories numbers set to be released today at 11:00 am, after a survey showed an increase in US stockpiles of 3 million barrels, versus expectations of a decrease of 1.4 million barrels. That’s another red flag for crude demand near term, as investors fear the increase in coronavirus cases will have a negative effect on prices near term. Oil is trading at $37.36 per barrel this morning, down 1.76%.
The ECB Rate Statement and Press Conference starting at 7:45 am, US Unemployment Claims at 8:30 am and Oil Inventories at 11:00 am are the important news on the agenda Thursday, (all times EST).
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Oil Inventories release today at 11:00 am US will be the focus for Oil investors trying project if the rebound from 2020 lows is sustainable ahead of another potential leg down in the winter, as coronavirus cases increase worldwide.
Breaking the $1,950 resistance is a good signal for more upside in Gold, retrying to recapture the $2,000 level and benefiting from a weaker dollar near term.
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