Draghi: ECB will be cautious in adjusting stimulus effort

European Central Bank President Draghi speaks during a news conference in Tallinn

ECB chief Draghi rules out Greece joining QE soon

As we saw last week, central bankers have continued to rule the roost in the current markets, with there being plenty of uncertainty over monetary policy, particularly in the United Kingdom and the U.S.

Fed Chair Janet Yellen said it is appropriate to raise rates gradually and noted that the USA central bank is carefully watching inflation expectations. Buying for U.S. Treasurys have been supported by low interest rates across the world as it offers relatively higher yields to Japan and other developed countries.

After what had been a pretty quiet week on the economic calendar, things are certainly more chaotic this week and we can expect markets to be getting ready for a choppy week that not only includes plenty of economic indicators to consider, but also central bank commentary.

He said that inflation was not picking up as fast as it typically does.

There is a smattering of central bank speeches scheduled in Asia, Europe and North America, and there is a raft of second-tier data on tap, but none appears likely to deliver a meaningful impact on the Aussie.

LONDON, June 27 The euro surged nearly 1 percent against the dollar on Tuesday after European Central Bank President Mario Draghi opened the door to tweaks that might begin to reduce the Bank's emergency stimulus to the economy shortly.

The common currency rose to an 11-day high of $1.1220 earlier on Monday on weaker-than-expected US data.

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The Financial Policy Committee would lift the countercyclical capital buffer to 0.5 percent from zero percent, with effect from June 2018. Alphabet shares fell 2.5 percent.

As reported at 11:12 am (BST) in London, the EUR/USD was trading at $1.1254, a gain of 0.63%; the pair earlier hit a peak of $1.12656 before edging back while the session trough was set at $1.11782.

"In the current context where global uncertainties remain elevated, there are strong grounds for prudence in the adjustment of monetary policy parameters, even when accompanying the recovery", Draghi said in a speech at an European Central Bank forum in Sintra, Portugal.

The BoE said it was continuing to oversee banks' preparations for Brexit, including for if Britain exits the European Union in 2019 without securing any trade deal, cutting off banks from their European customers, which could undermine financial stability. The dollar eased from a more than one-month high against the Japanese currency of 112.46 yen, touched earlier in the session, and was last just 0.3 per cent higher at 112.12 yen. The FTSE 100 of leading British shares was 0.2 percent lower at 7,435. In 3.04pm trading, the Standard & Poor's 500 Index retreated 0.4 percent.

Copper rose 0.90 percent to $5,846.50 a tonne. It was last steady on the day at $1.1180, above its overnight low of $1.1172. The Euro Stoxx 50 index of eurozone bluechip stocks decreased 0.66 percent, while the Stoxx Europe 50 index, which includes some major United Kingdom companies, lost 0.61 percent.

"Yields appear to better reflect US fundamentals relative to equities, and in focus this week are political developments and the various indicators due for release".

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