The prepared statement by Janet Yellen repeats many of the previous statements: another hike and the balance sheet reduction are expected this week. However, she also says that “the Fed does not need to hike all that much further to hit neutral”. The economy is growing at a moderate pace, expected to pick up in H2. Employment and inflation are expected to rise. Inflation is a big uncertainty for the Fed. Some transitory factors are likely to fall out and push inflation higher, but uncertainty is high. They are carefully monitoring the situation. The USD is mixed. Update: the US dollar is on the back foot after the initial hesitation. EUR/UDS is rising towards the highs at 1.1474. USD/JPY is dropping towards 113. GBP/USD extends its recovery to 1.29. USD/CAD is around 1.29 ahead of the BOC. AUD/USD is at 0.7677, at the higher end of the range. Here is how it looks on USD/JPY, an initial rise, and a clear fall afterward: more coming Fed Chair Janet Yellen begins her testimony at 14:00 GMT but her prepared statement is released already now, 12:30 GMT. Jobs are looking great and growth is mediocre. Wages are stuck at 2.5% and inflation is weak. The big question is: will Yellen focus on the upside or the downside? And what will the Federal Reserve do next? They are expected to begin unwinding the QE program (aka QT) in September and raise rates again in December, but everything is open. More: USD: Fed Yellen’s Testimony On 3 Topics To Look For – BofAML 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. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next BOC raises rates – Canadian dollar jumps – UDS/CAD down Yohay Elam 6 years The prepared statement by Janet Yellen repeats many of the previous statements: another hike and the balance sheet reduction are expected this week. However, she also says that "the Fed does not need to hike all that much further to hit neutral". The economy is growing at a moderate pace, expected to pick up in H2. Employment and inflation are expected to rise. Inflation is a big uncertainty for the Fed. Some transitory factors are likely to fall out and push inflation higher, but uncertainty is high. They are carefully monitoring the situation. The USD is mixed. Update: the US… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
