FOMC chairman is due to address the Senate later this afternoon

With the shadow of the Greek debt crisis and today’s Euro Group meeting still concerning the markets we have two other significant events happening this afternoon

The ECB President Draghi is due to speak in Frankfurt where he will officially unveil the new EUR 20.00 bank note. The markets will be monitoring his speech and any subsequent exchange with the press for possible clues with regards to the Euro Group meeting and the Greek situation. Mr. Draghi could also shed some more light on the soon to come Euro Zone quantitative easing program.

Across the pond in Washington D.C, the FOMC chairman is due to address the Senate Banking Committee. The markets will be monitoring this event for any comments on the Labor market and wage growth.

The Federal Reserve has been in recent months a hostage to data and external events such as Greece and China. However if a more hawkish tone is adopted by the FOMC chairman or a more upbeat message given with respect to jobs the markets could begin to price in a rate hike sooner than later.

Fed Chairman Yellen is in a difficult position following last weeks dovish FOMC minutes and as such might try to walk a more neutral path as she picks her words carefully.

With so much market turmoil and market volatility the Janet Yellen may decide that the best course of action would be to turn today’s Senate meeting into a non event.