This week sees the heads of all the major central banks taking the podium as they make speeches at various events. Markets will be watching the speeches for any clues to the Banks current and future views of their respective economies and also be on the lookout for any mention of changes in monetary policy in the foreseeable future. More hawkish speeches will see the respective currencies appreciate while more dovish sentiments will see the respective currencies depreciate in value against their counterparts.
Today sees the ECB, SNB and Canadian leaders step up which could imply volatility in the respective pairs. Also on our radars are the German IFO figure, expected to show a slight uptick in business climate sentiment as it comes in at 106.3 while US New Home Sales are expected slightly worse than last month, at 598k. Better than expected data will see the respective currencies appreciate while worse than expected data will see them depreciate.
Today’s key economic data is as follows:
- German IFO Business Climate expected at 106.3
- ECB President Draghi speaks
- SNB Chairman Jordan Speaks
- New Home Sales expected at 598k
- BOC Gov Poloz Speaks