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Euro Eyes Draghi Speech, Yen May Rise as EU Talks Brexit Strategy

Euro Eyes Draghi Speech, Yen May Rise as EU Talks Brexit Strategy

2017-05-10 06:07:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • Euro looking to speech from ECB President Draghi for direction cues
  • Fighting words from EU ambassadors discussing Brexit may boost Yen
  • Australian Dollar shrugged off Chinese inflation data, rose with stocks

Another quiet day on the economic data front is ahead, with Europe and the US offering just a handful of second-tier releases. ECB President Mario Draghi may cause a stir however. He is scheduled to speak at the Dutch parliament. A dovish tone that clashes with a recent upshift in interest rate expectations may weigh on the Euro. The markets now see better-than-even odds of a rate hike in the first quarter of 2018.

Meanwhile, EU ambassadors will gather for a Brexit strategy meeting in Brussels. The goal of the sit-down will be to hammer out a mandate for negotiation before next month’s UK election. Rhetoric on both sides of the English Channel has grown testy recently. More of the same this time around may broadly weigh on European currencies and might spill over into broader risk aversion, boosting the Yen.

The US Dollar corrected broadly lower in Asian trade having outperformed against its major counterparts in the prior session. The Australian Dollar led the way higher, tracking its local ASX 200 stock index upward. That seems to suggest that improved risk appetite catalyzed the often sentiment-linked currency. Chinese inflation figures passed with little fanfare.

What will drive key markets through mid-year? See our forecasts to find out!

Asia Session

Euro Eyes Draghi Speech, Yen May Rise as EU Talks Brexit Strategy

European Session

Euro Eyes Draghi Speech, Yen May Rise as EU Talks Brexit Strategy

** All times listed in GMT. See the full DailyFX economic calendar here.

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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