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Yellen does not help the US dollar

Fed Chair Janet Yellen offers no significant comment on monetary policy. She says that the economy gains when more people work, which is not breaking news, to say the least. She also notes that young people should be better prepared for the labor market.

The US dollar remains pressured as markets await the hyped vote on Trump-care. Delays to the  meetings of the caucuses  in Congress and the resulting delay in the vote also cause uncertainty and hurt the greenback even though Trump has  a much bigger cloud over his head.

Her colleagues  spoke earlier and the loudest one was the sole dissenter: Neel Kashkari. His  dissent was one of the 5 dollar downers last week.

Here is the dollar/yen chart:

The Federal Reserve hit the dollar hard with its “dovish hike“. Fed Chair Janet Yellen, which  was the last to speak  before the rate hike, has another chance to impact markets.

The US dollar remains on the back foot, especially against the Japanese yen. USD/JPY trades under 111 after breaching the triple bottom of 111.60.

Earlier, US jobless claims came out at 258K, above expectations for 240K. All in all, this weekly release is relatively stable, hanging around the lows that were last seen in the early 1970s.

Markets are focusing on the vote in the House later today on Trump-care. This is seen as a bellwether  on Republican support for President Trump.

However, there is a more important Trump story – the Russian one, where things are getting more complicated.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.