The European Central Bank (ECB) President Draghi’s speech is likely to hog the limelight in a data-light European session ahead. Draghi is due to deliver an introductory speech at 0800 GMT, as the two-day ECB Forum on Central banking begins in Sintra, Portugal.

Markets eagerly await his comments on the monetary policy at the event, especially after the ECB announced last week that it would end the quantitative easing (QE) programme at the end of December 2018. Also, markets are reminded about the market reaction to the Draghi’s speech at the same event last, where his remarks on tapering triggered an extensive rally in the Euro. year.

Key notes

ECB: Markets keeping an eye on Draghi today – TDS

“The ECB was forced to come out with "sources" stories issuing clarifications afterwards, saying that Draghi's comments were over-interpreted.”

EUR should stay focused on ECB event – Danske Bank

Chief Analyst at Danske Bank Jens Sorensen noted the EUR will be under pressure in light of the upcoming ECB Forum in Sintra.

EUR/USD eases from tops, back around 1.1620

President Draghi is expected to speak today at the ECB Forum in Sintra (Portugal), although market participants appear to have ruled out any surprises at his speech.

About Draghi’s speech

As part of his job in the Governing Council, he gives press conferences in the back of how the ECB observes the current European economy. President's comments may determine positive or negative the Euro's trend in the short-term. Usually, if he shows a hawkish outlook, that is seen as positive (or bullish) for the EUR, while a dovish is seen as negative (or bearish).

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