Good Morning Traders! It's another week in Europe, starting it off hearing from a myriad of ECB speakers.
Here is what to expect before today's session.
Sentiment
As time runs out to prevent a US default, debt-limit negotiators resumed their talks in Washington before a meeting between President Joe Biden and House Speaker Kevin McCarthy on Monday. On his way back from a global conference in Japan earlier Sunday, Biden contacted McCarthy from Air Force One, laying the groundwork for the new discussions. After leaving the White House, Biden told reporters, "It went well, we'll talk tomorrow."
In order to highlight the importance of the White House negotiating an agreement with Republicans to raise the debt limit, Treasury Secretary Janet Yellen stated that it is improbable that the US will make it to mid-June and still be able to pay its obligations. According to economists at Goldman Sachs, the Treasury Department's cash levels will fall below the $30 billion it has designated as the absolute minimum for paying commitments owed to the federal government by June 8 or 9.
Following the central bank's decision to retain its policy rates, Chinese banks maintained their benchmark lending rates at the same level for a ninth consecutive month.
Following a split over an alleged spy balloon earlier this year that damaged relations, US President Joe Biden predicted that relations with China will heal "very shortly."
Speakers
04:45 AM ET
ECB's Vujcic Speaks
05:00 AM ET
ECB's de Guindos Speaks
07:30 AM ET
ECB's Holzmann Speaks
Good Luck Today traders!
