Never miss a story from Ilya Spivak

Subscribe to recieve updates on publications
Please enter valid First Name
Please fill out this field.
Please enter valid Last Name
Please fill out this field.
Please enter valid email
Please fill out this field.
Please select a country

I’d like to receive information from DailyFX and IG about trading opportunities and their products and services via email.

Please fill out this field.

Your Forecast Is Headed to Your Inbox

But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk.

Your demo is preloaded with £10,000 virtual funds, which you can use to trade over 10,000 live global markets.

We'll email you login details shortly.

Learn More about Your Demo

You are subscribed to Ilya Spivak

You can manage your subscriptions by following the link in the footer of each email you will receive

An error occurred submitting your form.
Please try again later.

TALKING POINTS – EURO, ECB, DRAGHI, AUSSIE DOLLAR, WAGES, RBA

  • Euro may fall on dovish remarks from ECB President Draghi
  • Australian Dollar down after wage growth data disappoints
  • US Dollar retraced lower vs. most majors after explosive rally

A speech from ECB President Mario Draghi is in focus in European trading hours. He mighthint that a string of economic data disappointments since the beginning of the year as well as base effects from last year’s breakneck Eurorally are worrying enough to push back stimulus withdrawal.

Earlier in the week, Bank of France Governor François Villeroy de Galhau downplayed the importance of ending QE in September versus December. The markets saw this as confirming that tightening is imminent, boosting the single currency. On the contrary, Villeroy may have been foreshadowing a delay.

If Mr Draghi offers a dovish narrative, the Euro may extend a drop that brought it to a four-month low yesterday. The move may find additional fodder in revised Eurozone CPI data, which is expected to confirm that headline inflation fell to 1.2 percent last month.

The markets may already be anticipating as much. The common unit stood out as one of only two currencies that didn’t manage a rebound against the US Dollar in Asia Pacific trade following the greenback’s explosive gains in the prior session.

The other laggard was the Australian Dollar. It fell alongside local bond yields after a slight undershoot on quarterly wage growth data growth was seemingly interpreted to mean an RBA interest rate hike may be delayed further. Market pricing implies an increase will come no sooner than March 2019.

See our free guide to learn how to use economic news in your trading strategy!

ASIA PACIFIC TRADING SESSION

Asia Pacific Trading Session Economic Calendar

EUROPEAN TRADING SESSION

European Trading Session Economic Calendar

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

FX TRADING RESOURCES

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

To contact Ilya, use the comments section below or @IlyaSpivak on Twitter