Key events ahead: Yellen not expected to comment on MP - Westpac

Analysts at Westpac noted the key events to wrap up the week.

Key Quotes:

"Japan Apr CPI is expected to fall, both the headline and ex-fresh food measure to -0.4% y/y. The G7 Summit ends and the presidency press conference will be held in the Asia afternoon. Press reports indicate that Japan PM Abe, hosting the G7, is keen to include a gloomy statement about risks to the global economy, perhaps as a pretext for delaying the planned sales tax increase due in April.

The second estimate of US Q1 GDP is expected to be revised up to 0.9% q/q annualised from 0.5%. This would still be a weak outcome.

Markets would love to hear Fed chair Yellen’s views on the short term outlook for interest rates, but today’s appearance doesn’t seem promising in that regard. Yellen will receive a medal from Harvard University, including a “conversation” with Harvard professor Gregory Mankiw about Yellen’s “groundbreaking achievements.” Yellen’s 6 June speech looks more promising for markets."