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Global macro overview for 04/09/2015

Global macro overview 04/09/2015:

Yesterday's ECBs decision on the interest rate (to maintain it at 0.05%), deposit facility rate (-0.20%), and marginal lending facility (0.3%) did not surprise market participants. Another decision to increase the issue share limit on securities to 33% from 25% wasn't priced in as a rather possible and unavoidable result of the current ECB's monetary policy, so this news together with dovish comments of Mario Draghi was the main reason behind the general weakness in the euro. Moreover, as indicated yesterday, Mario Draghi mentioned that the asset-purchase size and timeline might be extended beyond September 2016 if necessary.

Today's major event is the NFP number release scheduled for 12:30 GMT. The market expectations are at the level of 215k and any number better then this might cause further EUR/USD sell-offs .

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The material has been provided by InstaForex Company - www.instaforex.com