As expected the ECB left its key interest rates and QE programme unchanged, but a more optimistic Draghi has helped the EUR to rally while at the same time it has also pushed Bond Yields higher. Commodities have remained under pressure and it has been the key driver for the underperformance of the Australian Dollar and other commodity linked currencies. The ECB statement and forecasts had no major surprises and resulted in a fairly muted reaction by the market. The forward guidance in the statement was unchanged (“interest rates will stay low, or lower for an extended period of time”) and the only notable tweak in the forecasts was the 2017 inflation uplift to 1.7% from 1.4% previously. But 45 minutes later in the press conference an upbeat Draghi boosted the Euro and pushed core Global Yields higher as he ever so slightly suggested the ECB door could be opening to the possibility of a change in policy stance in the future.

To mark my 1300th issue of Tradernoble Daily Commentary I am offering a special 2 year rate of Euro 2750 for my Platinum Service which includes 1/4 updated emails throughout the trading day. This offer is open to both new and existing members and if anyone is interested can you please contact me on bryan@tradernoble.com for details.

For anyone following my Platinum Service it made 130 points yesterday and is now ahead by 356 points for March, having made 1481 points in February, 1734 in January, 1351 in December, 1971 in November and 1582 in October. The previous four months saw gains of 1142, 1782, 1682 and 2550 points respectively. Since I started this Platinum Service in June 2015 it has averaged a monthly gain of over 1800 points.

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