A few hours after Greek Prime Minister Alexis Tsipras and his government submitted their economic reform plans to the members of the troika, the initial comments from European officials have been encouraging and confirmed that in principle, the proposed measures meet the conditions demanded by the country's creditors. This good news drove down yields on European bonds while the euro held steady from the previous day. ECB President Mario Draghi should be speaking in Frankfurt around 9 a.m. Eastern today at the unveiling of the new 20-euro banknote.
On our side of the Atlantic, Fed Chair Janet Yellen's testimony to Congress this morning at 10 a.m. will be scrutinized closely by financial markets. Analysts expect Ms. Yellen to leave the door open to a rate hike as early as June. Such a tone would be favourable to the greenback, which has risen slightly in the past few hours. Lastly, Bank of Canada Governor Stephen Poloz will speak at the University of Western Ontario in London around 2 p.m. Have a great day!
Salim Laaroussi
Range of the day: 1.2585 - 1.2695