Home Reports: Yellen is out – USD is ticking up
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Reports: Yellen is out – USD is ticking up

This is a report by Politico. Yesterday we learned that John Taylor, Jerome Powell and incumbent Janet Yellen are the final candidates for the job of Fed Chair. Warsh and Cohn have already been ruled out earlier.

Yellen is the most dovish of the three. That’s why this report could be USD positive. If Taylor is picked, the greenback could continue even higher. Picking Powell could have a more limited effect.

President Donald Trump has turned the process of nominating the head of the central bank into a reality television game in which candidates are ousted one by one. He already ruled out his advisor Gary Cohn and hinted that Yellen could go. In an interview, Trump said that Yellen is good but that “he has to make his mark”.

John Taylor is a clear hawk, the creator of the Taylor Rule. Jerome Powell is a governor at the Fed and has not expressed himself too much on monetary policy. Nevertheless, he is seen as more of a hawk than Yellen.

Yellen will likely raise the interest rate once again on her way out.

The US dollar is ticking higher across the board.

More:  ECB halves bond buys to 30 billion through September 2018 – EUR/USD crashes – live coverage

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.