Today is likely to be one of those Mondays where price action can swing up and down for no apparent reason due to the lack of catalysts. These days it is generally better to conserve capital and refrain from trading.
The only highlights on the agenda include a lot of speakers from the European Central Bank on behalf of the European Central Bank and a couple of speakers on behalf of the Federal Reserve. ECB members are likely to keep repeating that they will wait for new data until September before making a decision. On the other hand, it will be interesting to see whether Fed spokespeople will further push back against the latest forecasts in light of last week's very good inflation data.
Central bank speakers:
- 09:00 GMT – Lagarde, President of the European Central Bank (neutral – voter)
- 11:30 GMT – De Guindos of the European Central Bank (neutral – voter)
- 12:00 GMT – ECB’s Cipollone (AYN – Voter)
- 13:15 GMT – Makhlouf, Governor of the European Central Bank (dove – vote)
- 16:00 GMT / 12:00 ET – Fed's Williams (neutral – voter) will be the one to watch.
- 17:00 GMT/13:00 ET – Fed’s Harker (dove – non-voter)