Attention on Powell FRB Chair's House testimony + numerous senior official remarks! "Points of interest on February 11 and event schedule"

Today, Japan is a holiday and the market is closed.

In Tokyo time, a subdued market is expected.

Attention will be on numerous appearances by key figures in the Western markets.

In addition, the presidential primary election is scheduled in New Hampshire, USA.

Within the Democratic Party, Buttigieg is unexpectedly holding his own in the race against Sanders, making things interesting.

◎ Today's Points to Watch

1) Powell, Chair of the Federal Reserve, Congressional Testimony

It is a semiannual congressional testimony.

There is a potential for notable moves, so caution is warranted.

For congressional testimony, the manuscript is often published beforehand, and markets move once the manuscript is released.

In the first half of the testimony, the chair reads the manuscript and then there is Q&A; during the Q&A, questions not in the manuscript may trigger moves.

What to watch includes whether they touch on hidden QE, the economy impact from the coronavirus, and potential rate cuts within the year.

2) Other Key Speeches

Besides Chair Powell’s testimony, many other key figures are scheduled to speak.

Since the times may clash with the testimony, the market could be volatile.

In particular, the Bank of England, which left rates unchanged last month, is watched for a possible March cut, so Governor Carney’s remarks are notable.

Also, the euro has fallen sharply yesterday.

Attention will be on statements by Lagarde, President of the ECB, and central bank chiefs in the eurozone.

3) Risk-Off

Yesterday’s stock markets showed a soft trend.

The spread of the new virus appears to be affecting logistics (supply chains).

If parts from China are delayed, assembly could be disrupted and affect overseas companies as well.

Today, we will watch stocks and stay cautious about whether risk-off persists.

◎ Today's Event Schedule

February 11 (Tuesday)

Presidential candidate primaries (New Hampshire)

09:30 AUD National Australia Bank Business Confidence Index and Housing Loans

14:00 SEK Sweden Unemployment Rate

18:30 GBP UK GDP

20:00 USD Daily San Francisco Fed President Speech (Voting rights in 2021)

23:00 EUR Lagarde, ECB President Speech

February 12 (Wednesday)

00:00 USD Powell, Fed Chair Speech (Semiannual Congressional Testimony)

00:35 GBP Carney, BOE Governor Speech

01:30 EUR Schnabel, ECB Executive Board Member Speech

02:00 EUR Lane, Governor of the Bank of Finland Speech

02:00 GBP Haskel, external BOE Director Speech

02:15 USD Quarles, Fed Vice Chair Speech

03:30 USD Bullard, St. Louis Fed President Speech (Voting rights in 2022)

04:15 USD Kashkari, Minneapolis Fed President Speech (Voting rights in 2020)

08:30 AUD Westpac Consumer Confidence Index