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24 Feb 2015
Key events ahead, Yellen takes the stage - Rabobank
FXStreet (Guatemala) - Analysts at Rabobank explained the key events taking place later today.
Key Events:
"Before we hear from Yellen we have German Q4 GDP(expected at 0.7% QoQ and 1.4% YoY) and Eurozone January final CPI (-0.6% YoY headline and +0.6% core)."
"ECB President Draghi is also speaking at the unveiling of the new EUR20 bank note, which he won’t say now buys you more than it did this time last year, and which he is also unlikely to mention should hopefully still be legal tender in Greece for years to come."
"In the UK Governor Carney testifies to the Commons, which will focus attention on the BOE’s views, which have zig-zagged over the past 12 months while rates have moved not at all, of course."
"In the US we have S&P/CS house prices (seen +0.6% MoM and 4.3% YoY), and then the Markit services PMI (consensus: 54.5). Then we get the week’s highlight: FOMC Chair Yellen’s semi-annual testimony to the US senate. The key issue is what stance she will take in her speech, and in the sometimes tricky Q&A."
"The last set of Fed minutes were surprisingly dovish, and the overall balance of US macro data has been weak in the last few months – with the key exception of the benchmark payrolls report, which has been showing stellar headline jobs gains. Her predecessors managed to perfect the art of speaking endlessly at these events but actually telling us nothing. Indeed, Alan Greenspan once noted: “If I seem unduly clear to you, you must have misunderstood what I said.” Hopefully we can get some clearer direction from Yellen today; if so her words are likely to decide if 10-year Treasuries stay above 2% or re-test below, and if USD momentum continues, stalls, or reverses – though we do also get US consumer confidenceto follow, which might also have a say."
Key Events:
"Before we hear from Yellen we have German Q4 GDP(expected at 0.7% QoQ and 1.4% YoY) and Eurozone January final CPI (-0.6% YoY headline and +0.6% core)."
"ECB President Draghi is also speaking at the unveiling of the new EUR20 bank note, which he won’t say now buys you more than it did this time last year, and which he is also unlikely to mention should hopefully still be legal tender in Greece for years to come."
"In the UK Governor Carney testifies to the Commons, which will focus attention on the BOE’s views, which have zig-zagged over the past 12 months while rates have moved not at all, of course."
"In the US we have S&P/CS house prices (seen +0.6% MoM and 4.3% YoY), and then the Markit services PMI (consensus: 54.5). Then we get the week’s highlight: FOMC Chair Yellen’s semi-annual testimony to the US senate. The key issue is what stance she will take in her speech, and in the sometimes tricky Q&A."
"The last set of Fed minutes were surprisingly dovish, and the overall balance of US macro data has been weak in the last few months – with the key exception of the benchmark payrolls report, which has been showing stellar headline jobs gains. Her predecessors managed to perfect the art of speaking endlessly at these events but actually telling us nothing. Indeed, Alan Greenspan once noted: “If I seem unduly clear to you, you must have misunderstood what I said.” Hopefully we can get some clearer direction from Yellen today; if so her words are likely to decide if 10-year Treasuries stay above 2% or re-test below, and if USD momentum continues, stalls, or reverses – though we do also get US consumer confidenceto follow, which might also have a say."