What Can We Expect From Jackson Hole?

While Bundesbank President Jens Weidmann has called on the European Central Bank (ECB) to end its bond buying programme, ECB President Mario Draghi is unlikely to use language that could potentially excite markets in his Jackson Hole speech this Friday, having been scarred by his recent experience at another central banking conference in Portugal, say analysts.Bond yields and the euro surged following Draghi’s remark at the Portuguese resort of Sintra in late June that “all the signs now point to a strengthening and broadening recovery in the euro area.” The president’s ECB colleagues were subsequently compelled to spend several days qualifying and walking back his comments to calm nervous traders.President Draghi will, therefore, be mindful of saying as little as possible given that market reaction, Simon Derrick, chief currency strategist at BNY Mellon, told CNBC’s Squawk Box on Monday.

Source: ECB’s Draghi seen cautious at Jackson Hole after Sintra debacle

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.