MARKET ANALYSIS 08/03/2018 - Today's highlights: Markets await ECB rate decision

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MARKET ANALYSIS 08/03/2018 - Today's highlights: Markets await ECB rate decision
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**ECB rate decision coming today:** The European Central Bank will be announcing its rate decision at 12:45 GMT, followed by a press conference with ECB President Mario Draghi at 13:30. Both the decision and Draghi's words could generate volatility for the Euro and other key instruments in Europe.

**Wall Street closes mixed:** The Dow Jones and S&P 500 showed significant losses at the beginning of yesterday's trading session, following Trump's economic advisor Gary Cohn's resignation. However, stocks later rallied to close only slightly lower, after reports said that Canada and Mexico might be exempt from Trump's proposed tariff on metal imports. The Nasdaq finished the day higher.

**Tech stocks continue to reach new heights:** Several leading tech companies reached all-time highs yesterday, including Amazon, Adobe, Square and GoDaddy.

**Asia seen higher:** The positive momentum generated on Wall Street carried over to Asia, as leading indices, such as the Nikkei and China50, registered gains this morning.

**Volatility expected for CAD:** Bank of Canada Governor Stephen Poloz is scheduled to speak at the unveiling of a new $10 bank note at 16:00 GMT. Later, at 20:35 GMT, BOC Deputy Governor Timothy Lane will be delivering a speech regarding yesterday's rate decision. Both event could generate volatility for the CAD.

**Bitcoin falls below $10,000:** The bearish trend seen in crypto markets in recent days continued over the past 24 hours, as all top 10 cryptocurrencies registered losses. Bitcoin fell below the $10,000 mark for the first time in 12 days, following an announcement from the SEC the cryptocurrency exchanges in the US must register with the Agency. In addition, rumors that popular digital currency exchange Binance may have been hacked also contributed to market volatility. Binance CEO Changpeng Zhao later issued a statement that the hack has been dealt with and all irregular trades have been reversed.


*+Cryptocurrencies are a highly volatile investment product.*
*+Please note that due to market volatility, some of the prices may have already been reached and scenarios played out.*
*+The information above is not investment advice.*
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