- Markets can easily be described in one word today, and that word is “Dull”, oh – we could also add “boring” – but that would make it two words!. It seems traders are awaiting Thursday’s ECB announcement on QE and its implications on currencies before making any position change. Any rally attempts have been capped by persisting favourable weather conditions in S America.
- The current favourite ECB rumour is that a €50 billion/month package, or €600 billion in a full year is being considered. This is of course unsubstantiated and we will have to await tomorrow’s announcement.
- EU grains were equally inactive with slow demand and Ukraine remains an aggressive seller of corn as and when enquiry arises.
- It will be interesting to see what tomorrow brings.