There is relatively little data due through the course of the week, but plenty of event risk for markets to focus on. The RBNZ and Riksbank announce rates on Wednesday (both expected unchanged). Fed Chair Powell gives his semi-annual testimonies (Tuesday and Wednesday). Given that the Fed meeting was held less than two weeks ago, expectations his tone on the fundamentals of the economic backdrop to remain little changed, i.e., growth looks solid and inflation is expected to trend toward the 2% target. Although Powell will likely continue to articulate some uncertainty with regard to this risk, he will probably lean more toward characterizing this as a transitory phenomenon. New Hampshire primaries (tomorrow) will be the other main focus in the US.
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