- 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)|