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Analysts at Rabobank suggest that its going to be an interesting day for markets today as we will get Trump’s former lawyer Michael Cohen testifying that the president allegedly committed crimes while in office.

Key Quotes

“We also get Powell giving his testimony again in front of feisty Democrats, including the irrepressible Alexandria Ocasio-Cortez, who is going to want to respond to her Green New Deal effectively being shut down by the Fed: she is unlikely to let slip the chance to make some good social-media headway out of it – and don’t think that isn’t important into the 2020 election campaign.”

“Furthermore, we have USTR Lighthizer testifying on US-China trade, which could give us a window into what is actually going on in reality, rather than in Trump tweets.”

“There is also the little matter of Trump and Kim talking about maybe finally ending the Korean War and “denuclearisation(?)”. Oh, and there is still India-Pakistan and their nuclear/conventional tango.”

“Datawise, we have Eurozone confidence surveys, US trade balance and factory orders, and Canadian CPI.”