Rosanna Costa: Presentation of the Financial Stability Report First Half 2026

Gabriel Makhlouf: Publication of the Financial Stability Review 2026:1

Luis de Guindos: Presentation of the European Central Bank Annual Report 2025 to the Committee on Economic and Monetary Affairs of the European Parliament

The desk interprets Luis de Guindos' recent remarks to the European Parliament as a signal of the ECB's commitment to maintaining a cautious approach to monetary policy, despite rising inflationary pressures. Per the full note [source], de Guindos emphasized the need for vigilance in light of persistent inflation, which could influence future rate decisions. Current market positioning reflects a consensus that the ECB will likely hold rates steady in the near term, with traders closely monitoring inflation data for any shifts. This aligns with our view that the EUR/USD will remain within a defined range as the market digests these signals.

Santiago Bausili: Finance, economics and investments

The desk interprets Santiago Bausili's recent speech as a clear signal of the Central Bank of Argentina's commitment to stabilizing the peso through disciplined monetary policy. Per the full note [source], Bausili emphasized the importance of maintaining inflation targets and fostering investor confidence, which could lead to a stronger peso in the medium term. The current consensus target for the ARS/USD exchange rate reflects a cautious optimism, with expectations of gradual appreciation. However, the market remains sensitive to external shocks, particularly from global commodity prices and regional economic stability.

Michele Bullock: Opening Statement to the Senate Economics Legislation Committee (Budget Estimates 2026–2027)