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Dollar Primed for Yellen Testimony: Strategy for EUR/USD, USD/JPY

Dollar Primed for Yellen Testimony: Strategy for EUR/USD, USD/JPY

The statement from Yellen diverted attention from the release of emails by Donald Trump Jr. about his controversial meeting with a Russian lawyer, though concern remains that the latest saga in Washington may be an unwelcome distraction for the Fed seeking to dismantle a decade of monetary stimulus.

Global equity markets are higher except the UK: Dow +0.06%, S&P 500 +0.17%, FTSE -0.05%, DAX +0.12%, CAC +0.25%, Nikkei -+0.01%, Shanghai -+0.64%. Analysts are now holding a 55 percent expectation for a rate hike in December while the expectation for a September rate hike which was at one point highly anticipated is now under 10 percent.

She blames a recent slowdown in inflation on temporary factors.

-JPMorgan Chase, Citigroup and Wells Fargo report results this week. Real-estate and technology shares led gains.

Australia's financial index rose almost 1 percent though USA counterparts, which tend to benefit from higher rates, were last among sectors, closing up 0.1 percent. The FTSE 100 rose 1.2 percent. The core personal consumption expenditure (PCE) price index, a gauge for the inflation level preferred by the Fed, increased 1.4 percent over the year in May, lower than the 1.5 percent in April and 1.6 percent in March.

Looking ahead, Canada new housing price index for May, US PPI for June and US weekly jobless claims for the week ended July 8 are slated for release In the NY session.




-The yen gained 0.7 percent to 113.14 per dollar.

South Korea climbed 1.1 percent to a record after its central bank kept policy super easy to support consumer spending.

-The loonie rose 1.4 percent to $1.27356.

The Dow Jones Industrial Average rose 123.07 points, or 0.57 percent, to close at 21,532.14, a record high.

Asian shares scaled a two-year top on Thursday as investors wagered policy tightening in the United States would be glacial at best, lifting Wall Street to record peaks and lowering bond yields nearly everywhere. WTI Crude Oil prices have continues to rise, up 1.5% trading at $45.69 a barrel. Energy stocks should find buyers, with Brent and USA crude moving higher, with a sizeable 7.6 million barrel draw in U.S. crude inventories.

-Gold futures added 0.6 percent to $1,220.60 an ounce.


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