After main news of Asian session, Moody’s downgraded China’s credit rating to A1 from AA3 with change its outlook from stable to negative, investors focus now will shift towards events in European and US session. During next several hours investors will focus on ECB’s Mario Draghi speech on financial stability after release of Financial Stability Review by ECB.

•  1:45pm EUR: ECB President Mario Draghi Speaks. During his speeches volatility is often experienced as traders attempt to  find clues regarding direction of monetary policy. Draghi is due to speak at the First Conference on Financial Stability in Madrid, organised by Bank of Spain.
• 3:00pm CAD: BoC Key Interest Rate, Interest Rate Statement. The Bank of Canada rate decision is one of the biggest events this week and whilst they are expected to keep rates on hold there could be some volatility in the Loonie due to the accompanying statement.
• 3:30pm USD: Crude Oil Inventories. Market consensus shows a decline in oil inventories by 2.4 million barrels. If it is true, with yesterdays API report I would be a bullish signal for further rise in oil prices. Moreover, production output is expected to increase.
• 7:00pm USD: FOMC Meeting Minutes. Before June’s widely expected rate hike, investors will listen carefully a detailed record of the Federal Open Market Committee’s most recent meeting will provide in-depth insights into the economic and financial conditions that influenced their vote on where to set interest rates.