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European markets down ahead of tomorrow’s ECB

The German DAX 30 (-0.15%), the French CAC 40 (-0.46%), the Italian FTSE MIB (-0.46%) and the Spanish IBEX 35 (-0.48%) are down on Wednesday, one day ahead of the ECB monetary policy meeting. Many investors are waiting for a less usual approach by Draghi, as he's not fond of talking about exchange rates. However, there's been a lot of fuss about a strong euro, and yesterday's speech by Hollande in favor of an explicit exchange rate policy for the euro zone might force ECB's Draghi to comment on the issue.

German factory orders were just released, disappointing investors with a wider annualized fall than expected, from -0.9% (revised from -1.0%) to -1.8%, instead of the -1.2% consensus. On the month, orders have risen by +0.8%, not as much as the +0.9% expected.

Futures for the American S&P 500 (+0.05%), Nasdaq 100 (-0.05%) and the Dow Jones 30 (-0.10%) are signaling a mixed opening ahead of a NY session with a very light economic calendar. WTI crude oil is down by -0.59%, $96.09, and Gold loses -0.13%, at $1670.50.

Forex: EUR/USD muted after German data

The bloc currency paid no attention to the annualized contraction of the Factory Orders in Germany, falling 1.8% during December and growing 0.8% on a monthly basis, below the +0.9%...
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WTI trading at $96.01/bbl

A recovery in crude prices from yesterday’s low at 95.90 was rejected at 96.90 (previous high), subsequently easing towards the 96.00 handle. According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., “we the rally as corrective part of larger reversal from 98.22 (30 January peak). Weak near-term studies keep the downside in focus, with break below 95.90 seen as a trigger for extension towards key supports at 95.50 and the 95.00 breakpoint”.
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