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FxWirePro: Daily Commodity Tracker - 21st March, 2022 
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Today European Central Bank (ECB) is to provide further guidance in policy meet. Result to be announced at 11:45 GMT, followed by press conference at 13:30 GMT. Meeting is to be held in Frankfurt.
Current policy measures–
- Deposit facility rate at -0.40 percent
- Refinancing rate 0.00 percent
- Marginal lending facility rate at 0.25 percent
- ECB buying assets at €80 billion per annum, which to include corporate debt securities.
- In last meeting ECB has launched four new TLTROs.
Expectation today –
- European Central Bank (ECB) is expected to maintain its current easing.
What to watch out for –
- Changes in growth and inflation forecast as hard data. Most pivotal would be ECB’s view on inflation and impact of relatively higher oil price and recent improvements in financing conditions.
- ECB’s take on higher Euro
- Weather ECB keeps the door open for further stimulus or not?
- Does ECB leaves the door open for further interest rate cut?
Impact –
- Stimulus comments will be closely scrutinized and also outlook in future.
- ECB president Draghi will try his best to talk down the Euro and we expect he may succeed this time around.
Euro has barely moved, so traders are clearly awaiting the outcome and commentaries. Euro is currently trading at 1.132 against Dollar. Immediate support lies at 1.123 area and resistance around 1.143 area.
