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All Eyes on Yellen and Draghi Today in Wyoming
Published August 25, 2017
Fed Chair Janet Yellen is scheduled to speak at noon. Her speech is to be about “financial stability” to go along with the symposium’s theme of “Fostering a Dynamic Global Economy”. It is possible that she may use today’s speech as an attempt to push market expectations closer to the Fed’s own outlook by reinforcing the idea that recent weak inflation figures were only transitory and that continued strength in the labour market will eventually serve to increase wages
ECB’s president Mario Draghi’s speech today may be the focal point of attention at Jackson Hole today. Markets are hungry for clues on when the euro zone monetary authority plans to forge ahead with tapering off its monthly purchase program
U.S. orders for long lasting manufactured goods fell more than forecast in July. The core reading rose slightly more than expected, casting a mixed picture over the U.S. economy
Meteorologists are forecasting Hurricane Harvey could become a category 3 “major hurricane” when it rolls through Texas later today or early tomorrow causing oil prices to rise with the possibility of the hurricane disrupting supply. U.S. crude oil futures rose 0.79% to $52.44 at 8:15am EST, while Brent oil rose 0.80% to $47.74
The streak of positive Canadian economic news continued yesterday when Statistics Canada confirmed that profits of non-financial companies grew by 2.6% over Q2. Operating profits increased in 14 of the 17 non-financial industries. The loonie is hovering around the 1.25 level today. With a strong Q2 GDP report likely to be released next week, the CAD could strengthen further on any USD wobbles. There is an increasing focus on how the BoC will view the recent appreciation of the loonie