What will Drive Forex Markets Today

EURGBP traders will closely watch the May Consumer Price Index (CPI), Producer Price Index (PPI) and Retail Price Index, also today we have the third ballot on the Conservative Leadership contest later today. At 10:00GMT, the UK CBI Industrial Trends Survey will be released.

From Eurozone we have the construction output data at 9:00GMT.

In the American calendar we have at 11:00GMT the US MBA mortgage applications for 14 June. The Canadian Consumer Price Index (CPI) report to be released at 12:30GMT. The US EIA weekly crude stockpiles data will drop in at 1430 GMT.

In our Central Banks calendar we have the speeches by the EU Chief Juncker and ECB policymaker Lautenschlager.  The Swiss National Bank (SNB) quarterly bulletin to be released at 13:00GMT. We have the ECB President Draghi speaking for the third straight day on Wednesday, as he will deliver the closing remarks at the ECB Forum in Sintra, Portugal at 14:00GMT.

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The main event in the menu is the Federal Reserve Open Market Committee’s (FOMC) monetary policy decision due at 18:00GMT. The Fed is likely to keep its interest rates unchanged, but will likely indicate rate cuts on next meetings.

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