Traders are in a wait and watch mode in the lead up to major events on the docket in the coming session including the ECB’s Governing Council meeting on Thursday. While the Central Bank is not expected to tinker with interest rates or make changes to its asset purchase program, market participants will be putting President Mario Draghi's statement for his views on the Euro Zone economy under a microscope. Also in focus will be former FBI director James Comey’s testimony before the US Congress later tomorrow. Although new reports paint a high likelihood of Comey giving evidence about Russia’s alleged collusion with President Donald Trump’s campaign team, there is still room for surprises. Investors are worried that his testimony could dampen the already flagging momentum for Trump's growth agenda. The US dollar has already shed -0.90% against the Yen this week, with USDJPY last seen around the 109.400-mark.
US Dollar Index Reaches 8-Month Low
Daily Analysis - 07/06/2017