ECB: Focus on Lagarde’s speech – TDS

Analysts at TD Securities point out that Christine Lagarde makes her first speech tonight since taking over as ECB President on the 1st of the month.

Key Quotes

“While there is some chatter about what exactly she'll say, tonight's appearance doesn't appear to be the kind of event where she's likely to deliver her first, big policy speech. She's speaking in Berlin at 2:30pm ET at an event celebrating Wolfgang Schauble, Germany's current President of the Bundestag and former finance minister. It may not be looked upon too kindly from the Germans if she chooses that event to harshly criticize their fiscal stance.”

“Plus if she wants to speak to a European audience, we think that she would be better to do so during European market hours, not late in the evening. So we're inclined to think that this speech will be a non-event and something quite generic, but will be keeping an eye on the headlines just in case.”