Four central banks chiefs to speak today – What to expect?

Today is a big day for major pairs as four central bankers are to speak today, which might provide cues on further policy guidance.

Bank of Japan's (BOJ) chief Haruhiko Kuroda -

Scheduled to speak at 13:30 GMT.

Not much is expected from, since BOJ announced monetary policy early in Asian hours today and Mr. Kuroda played down any further possibility of stimulus hike, showing signs that growth is coming back in Japan (first quarter GDP was 2.4% annualized) and remains confident of achieving 2% inflation target.

Yen won't take much cue from the speech. Yen is currently trading at 120.7 against dollar.

Bank of England's (BOE) chief mark Carney -

Scheduled to speak at 13:30 GMT.

Expect an upbeat tone from Mr. Carney after retail sales report released yesterday showed April sales jumped back sharply, growing 1.2% m/m and 4.7% from a year ago. Mr. Carney will once again play down deflationary fear, despite of inflation hitting -0.1% in April.

Expect pound to show strength after the speech. Pound is currently trading at 1.566 against dollar.

European Central Bank's (ECB) chief Mario Draghi -

Scheduled to speak at 13:30 GMT, after his introductory speech at 8:00 GMT in ECB forum in Portugal.

Don't expect much from Mr. Draghi, as he is scheduled to speak at ECB forum of inflation and unemployment in Portugal. However his speech is likely to include ECB's stance in helping unemployment and inflation to push higher and to continue the current purchase program till September 2016. He is also likely to mention that ECB stands ready to do more if needed.

Euro might take some hit, over his comments, however no major move or change of direction is expected. Euro is currently trading at 1.116 against dollar.

Federal Reserve's (FED) chief Janet Yellen -

Scheduled to speak at 17:30 GMT at the Greater Providence Chamber of Commerce Economic Outlook Luncheon, Providence, Rhode Island.

Extremely important. She might provide further cues on what FED might be thinking about policy normalization and likelihood of rate hike. Though her speech will mostly repeat same data dependent stance of FED. Crucial will be to assess her view on current economic status.

Though it's quite late and Friday, expect heavy volatility in all dollar based pairs. Upbeat remarks is most likely to push dollar upwards as it has already broken downtrend line. Dollar index is currently trading at 95.04, down -0.38% today.