Here's the line up for the US session

We kick off the US day at 12.30 GMT with the ever lively durable goods orders for August.

Here's what's expected;

  • Durables -1.4% vs 4.4% in July (ex-trans -0.4% vs 1.3% prior)

  • Ex-def -1.1% vs 3.7% prior

  • Capital goods orders non-def ex-air -0.1% vs 1.5% prior

So a drop in orders is expected in most components. If we see the headline or the cap goods number coming in positive, the dollar is likely to go bid. Worse than expected and we'll be heading south. Durables can be a volatile number at the best of times.

At 14.00 GMT Janet Yellen is up before the House Financial Services Committee to testify on the "Supervision and Regulations of the financial system". Yes, it will probably be as boring as it sounds. This is going to have a different flavour to her testimony on monetary policy that she gave back in June.

There's a few market observers picking this out as a market risk event but given the subject, we could well be going hungry for mon pol comments. Still, we never know and she might drop us a morsel or two. In my opinion though, you might want to put up the gone fishing sign when she starts waffling.

In amongst Yellen we could get comments from the OPEC meeting which is also supposed to start at 14.00 GMT. There is no set agenda and for all intents and purposes is a closed meeting. As these things tend to leak like a sieve, we'll be on watch for any comments coming out.

Throw in the EIA US oil inventory data at 14.30 GMT and there's plenty for oil traders to get their teeth into.

14.15 GMT sees Fed's Bullard uttering remarks at a Community Banking event. He's never short of a word or 10,000 so the virtual pencils will be sharpened in readiness.