US: Yellen testimony and producer prices in focus - TDS

Analysts at TDS suggest that producer prices data in addition to the Fed Chair Yellen’s congressional testimony, which continues today will be the key events to watch in US session.

Key Quotes

“Chair Yellen’s congressional testimony continues with an appearance before the Senate Banking Committee. Yellen’s testimony begins at 10:00 ET and is likely to mirror yesterday’s comments before the House. Governor Brainard speaks at 13:00 ET but her comments are also expected to similar to echo statements she made earlier in the week.”

“Producer prices for June are the main item on the data calendar and the market does not look for any change from last month. Excluding food, energy, and trade, the market expects prices to rise 0.2% while jobless claims, the only other release, are expected to edge modestly lower to 245k.”