FX Explained MacroWatch: w/c 24/06/19



  • A more dovish shift by both the ECB (European Central Bank) and the US Federal Reserve (Fed) last week.
  • On Tuesday ECB President Mario Draghi signalled possible rate cuts this year and other monetary policy accommodation (quantitative easing, QE).
  • Expectation was for a dovish statement from the FOMC at Wednesday’s Meeting, but the market rumour mill is now talking about potential for a 0.50% cut at the July Meeting (with a 0.25% cut priced in)
  • Federal Reserve member Kashkari fuelled these rumours with comments on Friday.

Key this week

  • ECB and Fed speakers
  • G20 Meeting in Japan 28 & 29/ 06/ 2019
Date Key Central Bank Events/ Speakers Key Data
24/06/19 ECB Lautenschläger, RBA Governor Lowe,  
25/06/19 BOJ Meeting Minutes, ECB Guindos and
Cœuré; Fed Powell and Bullard
26/06/19 RBNZ rate decision, ECB Mersch US Durable Goods Orders  
27/06/19   German CPI, US GDP and PCE (QoQ)
28/06/19 G20 Meeting (and 29/06) UK GDP, Eurozone CPI; US PCE (MoM and YoY)  

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