American FX Outlook: Draghi’s ceremonial speech headlines the day of political uncertainty

What you need to know before markets open

• The world’s most important central bankers gather in Sintra, Portugal for the annual symposium organized by the ECB.
• China said it will impose duties on the US oil imports worth almost $1 billion per month.
• OPEC discusses output hike of up to 600,000 barrels a day with the decision set to be made on June 22.
• The UK Prime Minister Theresa May is under pressure to disclose how to boost the financing for National Health Service.
• German Chancellor Angela Merkel faces a crisis over migration policy that enters a critical phase this week.
• With little-to-no macro news due on Monday, the sentiment and the central bankers' speeches are set to take over.

Monday's upcoming market moving events

• ECB President Mario Draghi delivers the opening remarks by the at the ECB Forum on Central Banking in Sintra, Portugal at 19:00 GMT.
• Federal Reserve Bank of New York President John Williams is expected to deliver closing remarks on at a conference on banking culture, hosted by the Federal Reserve Bank of New York at 21:00 GMT.

Major market themes

• Major European currencies like EUR and GBP are trading little changed against the US Dollar as political uncertainties pushed greenback higher earlier on Monday.
• Central bankers’ speeches are due later on Monday with both ECB’s Draghi and New York Fed’s Williams speeches being of rather ceremonial nature.
• The central bankers' symposium organized by ECB in Sintra, Portugal begins.

Earlier in Asia/Europe

• Rightmove house price index rose 1.1% y/y in May. 
• Japan’s trade balance reached a deficit of ¥-296.8 billion in May.