For the EU we have President Draghi speaking and any markets will be watching for any clues as to the direction of the ECB in upcoming policy meetings. A more hawkish tone by Draghi will have the EUR strengthen across the board while European bourses sag while a more dovish tone will see the EUR conform to its technical bias and sell off as European bourses lift off.

The US starts off with a tasty treat as we see key data in the form of the Core Durable Goods, which measure the total value of new purchase orders placed with manufacturers for durable goods, excluding transportation items, being released. A better than expected print will see the USD rise while gold and equities sag. A Worse than expected release will see the USD continue to weaken as gold and equities firm up.

The Main dish for the day comes in the form of Yellens Testimony to the Committee on financial Services and speeches by FOMC members Bullard and George, which markets will scrutinize for any clues to the FEDS view on the current and future economic outlook for the US, with particular attention being paid for clues to any future policy changes or actions which the Fed may be considering. Should sentiment be of a dovish nature, in which growth and inflation recoveries are downplayed, we would see the USD slide as gold and US bourses climb. While a more hawkish tone which affirms a move by the Fed in the upcoming Fed meeting likely to result in a firm USD and sagging gold and US bourses as markets prepare for a tighter monetary policy.

US Crude inventories make up today's dessert as we see the US release inventory data which markets will be watching as concerns over oversupply continue to dominate the price of crude. A higher print will likely signify oversupply and a subsequent sell off in crude while a lower print will be taken as a reduction of supply and subsequently a snap up of crude as markets further re balance the scales of demand and supply

Today's key economic data is as follows:

GBP

  • MPC Member Shafik speaks

EUR

  • ECB President Draghi Speaks

USD

  • Core Durable goods Orders m/m expected at -0.5%
  • Durable Goods Orders m/m expected at -1%
  • FOMC Member Bullard speaks
  • Fed Chair Yellen Testifies
  • FOMC Member George speaks

Crude Oil

  • US Crude Oil Inventories expected at 2.4M