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Today’s major event is the rate decision in Europe: The ECB will announce the Minimum Bid Rate at 12:34 GMT. It’s expected to cut rates by 0.5%. More about the ECB’s rate decision.  

After yesterday’s fall, EUR/USD is now trading rather stable, at 1.32.

Japan’s monthly  Core Machinery Orders fell by a whopping 16.2%, but the Yen is strong: USD/JPY is at 88.87.

In Australia, the, Employment Change was a little bit better than expected, falling by 1.2K, while the  Unemployment Rate rose to 4.5%, within expectations. AUD/USD is at 0.6610.

Apart from the rate decision, the yearly CPI and Core CPI will be released in Europe.  

In the US, lots of economic data is due today: The PPI (Producer Price Index) is expected to fall by 2%, while the Core PPI is expected to be almost unchanged.

The weekly Unemployment Claims are expected to be at 512K, higher than last week.

More data from the US:  Empire State Manufacturing Index,  Philly Fed Manufacturing Index and the  Natural Gas Storage, which became less important nowadays.

Many speeches are  due in the US from FOMC members:  Charles Evans,  Dennis Lockhart and    Janet Yellen will impact forex trading towards the end of the day.

Despite no ceasefire yet in Gaza, oil prices continue to remain at the low levels of $36.32 per barrel.