World Currencies
World CurrenciesReuters

Global markets are likely to receive fresh verbal policy signals in the week to 18 July with the chiefs of the European Central Bank (ECB), the Federal Reserve, Bank of Japan (BoJ), and the Bank of England (BoE) scheduled to speak at separate events.

The previous week was marked by easing in Iraq-related tensions, but fears of a banking crisis in Eurozone following a funding issue at Portugal's largest bank Banco Espirito Santo had weakened shares and strengthened safe haven assets.

The latest assurances by Espirito Santo have ebbed fears of an EU-wide banking crisis, helping the dollar stabilise against the yen. Crude oil prices have fallen and gold has stopped rallying by the end of the last week.

Global markets are now waiting for fresh interest rate cues from major central banks making the upcoming week a significant one.

The BoJ and the Reserve Bank of Australia (RBA) will provide the details of their latest rate setting meetings, the former in the form of a monetary policy statement and the latter as the minutes of the meeting.

ECB President Mario Draghi will speak on Monday 14 July at 17:00 GMT, and the next day, BoE's Mark Carney at 9:00 GMT, and Fed's Janet Yellen at 14:00 GMT.

RBA's minutes and BoJ's statement are also due on Tuesday itself, and the BoJ chief Kuroda will address the press after the statement release.

From the G10 world, the Bank of Canada is the only central bank scheduled to convene for policy review this week. On 16 July, the BoC is expected to leave the main lending rate at 1%.

Rate decisions by South Africa, Brazil and Chile are also due in the week. South African Reserve Bank (SARB) has its main lending rate at 5.5%, Central Bank of Chile (BCCH) at 4%, and the Central Bank of Brazil has it at 11% currently.

The US Fed's Bullard is also scheduled to speak this week, on Thursday at 17:35 GMT.