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Yellen to present testimony on monetary policy

Janet Yellen will present testimony regarding the Fed's monetary policy this morning. Fed watchers are looking for clues for the timing of future interest rate hikes, especially after U.S. data in the second-quarter signaled the economy is gaining momentum.

Investors are still expecting a dovish stance from the Fed and that policymakers are in no rush to raise rates.

The expected news will probably keep the market rally going, but any hints of hawkishness will likely trigger a negative reaction.

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