Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow
European Central Bank president Mario Draghi in the spotlight
The European Central Bank delivers its decision on monetary policy on Thursday and is widely expected to leave interest rates unchanged. Investors attention, however, is expected to focus on the bank’s quantitative easing programme amid expectations the central bank will taper its loose monetary policy measures.
The ECB’s monetary policy decision will be accompanying by an appearance from ECB president Mario Draghi in a press conference at 08:30ET.
Draghi has previously attempted to curb investor expectation of monetary policy tightening as his central banks colleague fear a surge in euro would weigh on Eurozone’s economic activity.
EUR/USD rose 0.40% to $1.1808.
Top tier US economic data on tap
Fresh on the heels of data showing new home sales rose to a 10-year high on Wednesday, investors look ahead to the release of additional data on the housing sector.
Economist expect Pending Home Sales rose 0.2% in September following a 2.6% decline in the previous month, reversing the recent trend of falling demand among homebuyers for existing homes.
The Labor department, meanwhile, releases its weekly count of the number of individuals who filed for unemployment insurance for the week ended Cot 20. Economist forecast initial jobless claims to rise by 13,000 to 235,000.
The duo of reports comes ahead of U.S. GDP data slated for Friday amid a decline in dollar against its rivals.
The yen in focus
Following its recent slump against the dollar, the yen will be in focus as Japan releases its inflation data at 19:30ET on Thursday, expected to show a slight increase to 0.8% in September.
The recent drop in the yen comes amid investor expectations the Bank of Japan will continue on its loose monetary policy path after Japanese Prime Minister Shinzo Abe's won a snap election for his party earlier this week.
Prime Minister Shinzo Abe’s ruling Liberal Democratic party-led coalition won a two-thirds parliamentary “super majority” that gave him a fresh mandate to revive growth with a mix of ultra-loose monetary policy, spending and reform.
USD/JPY fell 0.13% to $113.76.