Today is central bank day in Europe, with both the Bank of England and European Central Bank meeting to decide on policy. We can pretty much discount the BoE in terms of surprises, with the Inflation Report later this month being the key focus in terms of how they adjust their forward guidance policy. For today, the ECB meeting is the main risk even for markets. There is a growing feeling that we are likely to see another easing of policy in the coming few months, with some looking for this to come as early as today. With rates already at 0.25%, the question is what next. The impact of cutting the benchmark rate further would be limited. The ECB may cut the deposit rate to below zero (so banks have to pay the ECB if they ‘park’ funds there overnight) or they may either introduce another asset purchase plan or revise the current one (approved non-sterilisation of bonds in the SMP). But even if no change in policy is seen today, there remains the risk that the press conference gives further details and hints of further changes ahead. The single currency aside, the Aussie has once again performed well overnight, helped by better than expected trade data showing a surplus for the December period. AUDUSD is currently near the 0.90 level, which has not been seen for the past 3 weeks. Emerging market FX, so much in focus last week, has seen further stabilisation overnight. The main focus continues to be with tomorrow’s US jobs numbers, especially given the uncertainty on the extent of the rebound from the December weakness. The dollar has been more consolidative today, but stronger than expected data tomorrow would likely inspire new highs for the year on the dollar index (currently 0.4% below). Further reading: What’s Next in Store for the Euro In 2014? Webinar: Understanding recent market turmoil FxPro - Forex Broker FxPro - Forex Broker Forex Broker FxPro is an international Forex Broker. FxPro is an award-winning online broker, offering CFDs on forex, futures, indices, shares, spot metals and energies, serving clients in more than 150 countries worldwide. FxPro offers execution with no-dealing-desk intervention and maintains a client-centric business model that puts customer needs at the forefront of our operations. Our acquisition of leading spot FX aggregator, Quotix, enables us to offer access to a deep pool of liquidity, as well as top-class order-matching and some of the most competitive spreads in the market. FxPro is one of only few brokers offering Negative Balance Protection, ensuring that clients cannot lose more than their overall investment. FxPro UK Limited is authorised and regulated by the Financial Conduct Authority (registration number: 509956). FxPro Financial Services Limited is authorised and regulated by the Cyprus Securities and Exchange Commission (licence number: 078/07) and by the South Africa Financial Services Board (authorisation number 45052). Risk Warning: Trading CFDs involves significant risk of loss. View All Post By FxPro - Forex Broker Daily Look share Read Next EUR/USD Feb. 6 – Steady Ahead of ECB Rate Decision Kenny Fisher 9 years Today is central bank day in Europe, with both the Bank of England and European Central Bank meeting to decide on policy. We can pretty much discount the BoE in terms of surprises, with the Inflation Report later this month being the key focus in terms of how they adjust their forward guidance policy. For today, the ECB meeting is the main risk even for markets. There is a growing feeling that we are likely to see another easing of policy in the coming few months, with some looking for this to come as early as today. With rates… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.