ECB president Mario Draghi has to hold another speech. As we mentioned in the previous market update, most financial centers across the globe are closed for the spring bank holiday.
So, the forex market is dead today, apart from the Kiwi which is making some decent gains. There´s no action in the other commodity currencies, so it might as well be end of the month clearing, even though we still have a couple more days left.
Draghi will be appearing at the European Parliament at 13:00 and 15:00 GMT answering questions on the economy in general and on the monetary policy path.
The liquidity is very thin today and he is experienced enough to know that you shouldn´t give out too much in such markets. Otherwise, there is a risk of sparking some hectic moves.
But on the other hand, the ECB doesn´t like a strong Euro and he also knows that a few dovish remarks here and there would do half the job for him in pushing the Euro back lower. I hope he does do that since we have a sell forex signal open in EUR/USD, so we have to watch out.
By the way, we opened that forex signal in GBP/USD but as we said, it is not going anywhere soon. So we´ll be watching paint dry today if Draghi fails to light up the sky.