The only event this week that can significantly impact markets is Mario Draghi’s speech on Friday at the Jackson Hole Symposium. While he is unlikely to give the market a complete roadmap on the commencement of tapering given the ECB meeting on September 7th, there will probably be enough hints so that the future direction of policy can be extrapolated. Given the market remains long the Euro, the balance of risk is for a more dovish outcome. Where it comes to financial assets, everything outside of Mario Draghi’s speech is noise.

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