Fed Chair Yellen likely to set the tone for the coming sessions – Rabobank

Jane Foley, Senior FX Strategist at Rabobank, suggests that the address by Fed Chair Yellen at the Economic Club of New York later today is likely to set the tone for the coming sessions.

Key Quotes

“Over the past couple of weeks several Fed speakers have raised the risk that the Fed could still be prepared to tighten policy in the first half of this year. That said, global headwinds raise the risk that Yellen could reaffirm a dovish position.

The Fed’s Williams and Kaplan are also scheduled to speak today at separate events and during the course of this week Dudley, Evans and Mester are also due to present.

US S&P/Case Shiller house price data and the March consumer confidence index are also due for release today. Friday will bring the March round of PMI and ISM data in addition to the key US payrolls report. The market is expecting nonfarm payrolls to rise by a healthy 210K and is looking for a 0.2% m/m increase in average hourly earnings.”

Jane Foley, Senior FX Strategist at Rabobank, suggests that the address by Fed Chair Yellen at the Economic Club of New York later today is likely to set the tone for the coming sessions.

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