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Top 5 Things To Know In The Market On Thursday

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Here are the top five things you need to know in financial markets on Thursday, July 13:

1. Yellen back on Capitol Hill

Investors looked ahead to more comments from Federal Reserve Chair Janet Yellen, who will testify for a second day on the central bank's monetary policy, this time in front of the Senate Banking Committee at 10:00AM ET (1400GMT).

Yellen sounded cautious on inflation and noted the Fed would not need to raise rates "all that much further" to reach current low estimates of the neutral funds rate in her first day of congressional testimony on Wednesday.

She also said that the U.S. economy is healthy enough for the Fed to begin winding down its massive $4.5 trillion balance sheet at some point this year.

The speech was seen as mainly dovish by market participants.

Besides Yellen, Thursday's calendar also features PPI inflation data and weekly jobless claims, both due at 8:30AM ET (1230GMT). Investors were already looking ahead to Friday's CPI figures for June for their potential impact on Fed policy.

2. Dollar, U.S. Treasury yields slide

The U.S. dollar and yields on U.S. government debt were under pressure as investors wagered policy tightening in the U.S. would be glacial at best.

The dollar index fell to as low as 95.25 in overnight trade, a level not seen since June 30, when it hit a nine-month low of 95.22. It was last at 95.50 in early trade.

The greenback weakened for the third day in a row against the Japanese yen, touching an overnight low of 112.87, before bouncing back to the 113.00-level.

Meanwhile, yields of the benchmark 10-year U.S. Treasury fell to around 2.31%, the lowest level in a week and well-off highs near 2.39% touched earlier this month.

Yields on the rate-sensitive two-year Treasury fell

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