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Dollar has halted its rally for now and the markets are awaiting fresh clues from Janet Yellen during her
congressional testimony today and tomorrow. Euro, British pound and yen rebounded against the US dollar modestly during the Asian session and will most likely advance a little more ones London trading opens. One noticeable thing that happen in early hours of trading was the fact that antipodean currencies(especially AUD) have not made too much advances even though the Chinese economic data releases was quite encouraging.
There is a wide range of opinions about what could happen during Yellen's speech today(or tomorrow) ranging from "no event" calls to her reaffirming FED commitment to 3 rate hikes this year. I definitely see a very real possibility that Yellen will use her testimony as an opportunity to prepare the markets for March rate hike. If that's materializes, the dollar will soar as at the moment the market is not pricing in the March hike. On the other hand if Yellen does not sound hawkish and upbeat this might set US dollar for losses in weeks to come, or at least until Trump's tax package/stimulus is revealed.
congressional testimony today and tomorrow. Euro, British pound and yen rebounded against the US dollar modestly during the Asian session and will most likely advance a little more ones London trading opens. One noticeable thing that happen in early hours of trading was the fact that antipodean currencies(especially AUD) have not made too much advances even though the Chinese economic data releases was quite encouraging.
There is a wide range of opinions about what could happen during Yellen's speech today(or tomorrow) ranging from "no event" calls to her reaffirming FED commitment to 3 rate hikes this year. I definitely see a very real possibility that Yellen will use her testimony as an opportunity to prepare the markets for March rate hike. If that's materializes, the dollar will soar as at the moment the market is not pricing in the March hike. On the other hand if Yellen does not sound hawkish and upbeat this might set US dollar for losses in weeks to come, or at least until Trump's tax package/stimulus is revealed.
