Finally, Some Peace and Quiet!
For the first time since the U.S. election one week ago, the market has been quiet and reasonably calm for several hours, offering little potential profit to be made. The upside of that is its nice to have a few hours to relax and count profits that have hopefully been banked already!
The reason why the market is quiet, is that there is a slew of several high-impact U.S. economic data releases due later (from the time of writing) when New York opens for business. With the U.S. Dollar making new all-time highs, the greenback is in strong focus lately.
Perhaps even more importantly, Janet Yellen, the Chair of the Federal Reserve, will be testifying to the U.S. Congress a little later today about the general economic outlook. This will be her first major input since the election last week and will be very keenly watched.
Of course, there is a near-unanimous consensus now that the Federal Reserve will raise rates by 0.25% in its December meeting next month, so it is not so much the case that analysts will be looking for clues there. Rather they will be looking to see if Yellen has anticipations about any changes in macroeconomic policy on the horizon from the incoming Administration.