Having said that yesterday would be a relatively quiet day on the currency markets the Euro was ambushed by the wonderfully named Ewald Nowotny the Head of Austria’s Central Bank and ECB member who veered off message when he said  “We will keep the interest rate very low for as long a time as is required and stand ready to use unconventional measures of quantitative easing to assure European firms and consumers access to credit at appropriate conditions,”.  Nowotny did not deliver his prepared speech in full, however, in a question and answer session, following the speech, said that he would not comment on any steps the ECB might take at its meeting on May 7th.  In addition he went on to stress that the ECB would take whatever action is required to stabilize inflation.

Once again in Europe we have very little in the way of significant data as the market waits for the FOMC statement tomorrow and the only real fundamental news on the economic calendar for today is the US with the CB (Confidence Board) composite index which is based on a survey of 5000 households asking respondents to rate the relative level of current and future economic conditions.  If the actual is better than forecast then this could be good for the US dollar and the forecast is for 29.6 against a previous of 26.

In the background at some point during the day we will have a release of the German Preliminary CPI (Consumer Price Index).  The reason it is listed as an all day event is simply because the figures are collated from 6 German states which report their data throughout the day.  These are important numbers as they are the first indicator to provide a view on consumer inflation and consumer prices.

In the meantime you can keep up to date with all the latest fundamental news, latest currency news and live currency charts by simply following the appropriate links.  In addition I have provided information on an excellent ECN broker.