• Draghi mentions December
  •  Fed members speak today
  • Australia looks upbeat
  • Chinese credit weaker

There are many speeches this morning around the financial world beginning with ECB President Draghi.  During his comments Draghi mentioned that the ECB is ready to increase stimulus in December at their meeting.  He briefly mentioned that inflation has weakened as a reason for this decision.  Euro dropped on his comments briefly before rebounding slightly.  Coupled with turmoil in the political landscape of the Eurozone from Greece and Portugal markets are once again wary of the Euro.

Throughout the day today members of the Fed will speak beginning with James Bullard and Janet Yellen and ending with Stanley Fischer with several other members in-between.  Many currencies including the Euro are waiting to see what comes of these speeches as volatility, especially in emerging markets, is at the highest level since March 2012.  With December rate hike expectations still around the 70% mark these speeches will be watched closely to see if there is any indication otherwise.

On a more positive note Australian dollar is enjoying some strength this morning as good employment data was released.  Unemployment dropped 0.3% which is significantly more than the expected no change.  There were almost four times as many jobs added than expected with the majority of those jobs being full time.  This was an unexpected show of strength for an economy that has struggled the past year on low commodity prices and China’s industrial slow down.

EURUSD: Euro down more this morning as instability in the Eurozone continues and Draghi speaks on weak inflation and possible stimulus at years end.

GBPUSD: The pound is also down slightly on the continued Eurozone fears.

AUDUSD: Aussie dollar up over half a percent this morning on strong jobs data.

USDCAD: Canadian dollar down significantly this morning ahead of the Crude Inventories report.