EUROPEAN SESSION

In the European session, we have the final French CPI and the Eurozone Industrial Production. None of the data is going to change anything for the ECB, so the market reaction will likely be muted. Traders got a little less sanguine on rate hikes amid US-Iran deal optimism and don’t see a rate hike in April anymore. There’s still 55 bps of tightening priced in by year-end.

AMERICAN SESSION

In the American session, we will get lots of low tier releases like the US import/export prices, the US NAHB Housing Market Index and the Fed Beige Book. These are rarely market-moving reports and they are unlikely to be so today.

The focus remains on US-Iran negotiations as markets continue to position into a peace deal given the positive news, reports and especially the lack of any Iranian retaliation to US blockade. Everything points to a resolution and the market is obviously not waiting for the actual fact to price that in.

CENTRAL BANK SPEAKERS

• 12:30 GMT/08:30 ET – Fed’s Barr (neutral – voter)
• 15:20 GMT/11:20 ET – ECB’s Cipollone (neutral – voter)
• 15:50 GMT/11:50 ET – BoE Governor Bailey (neutral – voter)
• 17:00 GMT/13:00 ET – RBNZ Governor Breman (hawkish – voter)
• 17:00 GMT/13:00 ET – ECB’s Escriva (neutral – voter)
• 17:00 GMT/13:00 ET – SNB Chairman Schlegel (neutral – voter)
• 17:45 GMT/13:45 ET – Fed’s Bowman (dovish – voter)
• 18:00 GMT/14:00 ET – BoE Governor Bailey (neutral – voter)
• 18:00 GMT/14:00 ET – ECB’s Cipollone (neutral – voter)
• 18:40 GMT/14:40 ET – ECB’s Villeroy (neutral – voter)
• 19:30 GMT/15:30 ET – ECB President Lagarde (neutral – voter)
• 20:00 GMT/16:00 ET – RBA’s Hauser (hawkish – voter)
• 20:00 GMT/16:00 ET – ECB’s Schnabel (neutral – voter)

This article was written by Giuseppe Dellamotta at investinglive.com.