USD: ‘From survival to revival’: What to expect this week? – Credit Agricole

From Credit Agricole
After a long hiatus, the US events and data calendar is picking up significantly this week.
There are a cluster of events on Tuesday and Wednesday including Fed Chair Yellen’s Congressional testimony as well as the CPI and retail sales data releases.
We believe Chair Yellen’s remarks will be positive on the economy, but will not show significant urgency to raise rates given contained inflationary pressures and lack of clarity regarding the fiscal outlook. We believe June is more likely than March in terms of the timing of the next hike.