Today is expected to be a relatively busy day for the euro. The final inflation data for May in Spain and France will be published in the first half of the day. In addition, the ECB President Draghi plans to speak after the publication of data on inflation in Spain. Investors are concerned primarily with whether Draghi will strike a blow at the euro with his comments, thus reversing the last Thursday’s growth of the single currency.

The EURUSD pair is losing ground for the second day in a row, mainly due to the threat of Italy to break EU fiscal rules. Matteo Salvini, the leader of the right-wing League of Italy party, said that the government could soon increase its debt level, disregarding EU rules providing for a debt size not exceeding 3%. Such a violation of EU fiscal rules can put a lot of pressure on the single European currency.