Draghi and Yellen will speak today
EUR/USD is trading on the downside, but above 1.1300. Today Greece will present its economic reform plans to euro zone finance ministers. Greece had previously delayed presenting the reforms by 24 hours after initially agreeing to deliver its proposals to creditors on Monday. On Monday the nation’s government released only a summary of measures include plans to combat tax evasion and tackling fuel and tobacco smuggling. The list must be approved by international creditors on Tuesday to secure a 4-month loan extension. The European Central Bank’s president Mario Draghi will speak today at 14:00 GMT.
The market players are also waiting for Federal Reserve Chair Janet Yellen to testify before Congress at 15:00 GMT. The main question is whether Yellen will repeat the dovish tone seen in the last Fed’s meeting minutes or reaffirm the likely first rate hike in June.