Key events for the day ahead – Westpac

By FXStreet Analysts at Westpac noted the key events ahead for today.

Key Quotes:

“Westpac Melbourne Institute consumer sentiment is released at 10:30 Sydney time. Last month the index slipped by 3.5% to be below the 100 level.

Negative factors that may be captured by the index include generally bearish equity market sentiment, no change from the RBA, house price declines and increased press on potential GST changes. Positives may include average pump prices down 9 cents a litre.

Singapore reopens but China, Hong Kong and Korea remain closed.

Fed chair Yellen delivers her semi-annual report to Congress (8:30am NY) and takes questions from the House Financial Services committee for some hours from 10am.

Yellen should reiterate the underlying policy bias towards raising rates, citing further signs of strength in the job market, with unemployment falling to an 8 year low and wages growth picking up.

But consistent with the Jan FOMC statement and comments from e.g. Dudley, Brainard and Kaplan, she should stress that the Fed is watching the global economy, markets and incoming US data carefully before raising the funds rate again.”
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Source:: FX Street