American FX Outlook: Draghi’s ceremonial speech headlines the day of political uncertainty

Mario Blascak, PhD Independent Analyst

What you need to know before markets open

The world’s most important central bankers gather in Sintra, Portugal for the annual symposium organized by the ECB.
China said it will impose duties on the US oil imports worth almost $1 billion per month.
OPEC discusses output hike of up to 600,000 barrels a day with the decision set to be made on June 22.
The UK Prime Minister Theresa May is under pressure to disclose how to boost the financing for National Health Service.
German Chancellor Angela Merkel faces a crisis over migration policy that enters a critical phase this week.
With little-to-no macro news due on Monday, the sentiment and the central bankers' speeches are set to take over.

Monday's upcoming market moving events

ECB President Mario Draghi delivers the opening remarks by the at the ECB Forum on Central Banking in Sintra, Portugal at 19:00 GMT.
Federal Reserve Bank of New York President John Williams is expected to deliver closing remarks on at a conference on banking culture, hosted by the Federal Reserve Bank of New York at 21:00 GMT.

Major market themes

Major European currencies like EUR and GBP are trading little changed against the US Dollar as political uncertainties pushed greenback higher earlier on Monday.
Central bankers’ speeches are due later on Monday with both ECB’s Draghi and New York Fed’s Williams speeches being of rather ceremonial nature.
The central bankers' symposium organized by ECB in Sintra, Portugal begins.

Earlier in Asia/Europe

Rightmove house price index rose 1.1% y/y in May.
Japan’s trade balance reached a deficit of ¥-296.8 billion in May.

Author

Mario Blascak, PhD

Independent Analyst

Dr. Mário Bla&scaron;čák worked in professional finance and banking for 15 years before moving to journalism. While working for Austrian and German banks, he specialized in covering markets and macroeconomics.

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