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UK and EZ events and insights- ANZ

FXStreet (Guatemala) - Analysts at ANZ are offering a breakdown to the EZ and UK events of overnight.

Key Quotes:

"The ECB bank lending survey showed a further increase in demand for loans from businesses and households and an additional improvement in borrowing conditions for businesses. This suggests that the ECB’s current QE programme has been effective in improving the credit transmission mechanism within the euro area economy."

"Bank of England MPC member McCafferty acknowledged in an interview today that recent global economic developments had increased downside risks to the UK economy. However, he added that “for those risks to crystallize into a material change in the U.K. outlook, those have to be transmitted into the U.K. economy” and “as yet, there is little evidence that that is happening.”

EUR/USD: quiet before the ECB storm?

EUR/USD is currently trading at 1.1359 with a high of 1.1368 and a low of 1.1343. EUR/USD has been drawn to the 200 SMA on the hourly sticks like a magnet with little impetus in overnight markets while the calendar has been particularly light. That said, we have the ECB coming up this week and this could be when things start to get interesting.
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