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The action in the U.S. heats up tomorrow with Bernanke headed for Capitol Hill to deliver his semi-annual testimony on the economy and monetary policy. The Fed Chairman will be peppered with questions about the weakness of the labor market and how he plans to turn things around. Based upon the minutes from the FOMC meeting in June, some policymakers were open to the idea of additional stimulus if the economy remains weak. Considering that Fed officials felt this way after only seeing one month of weak payroll growth (54k in May), we can only imagine how they feel after seeing last Friday’s abysmal report. If Fed officials were thinking about more stimulus back in June, the prospect of QE3 has now increased with last week’s labor market report.

http://www.fx360.com/

A very good read folks 

http://www.zerohedge.com/article/key-events-and-catalysts-week-ahead