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Markets Await Janet Yellen on Capitol Hill

Posted by Joseph Trevisani on Feb 10, 2014 4:46:00 PM

The dollar was little moved against the majors in Monday's trading as markets  anticipate Federal Reserve Chairwoman Janet Yellen's Congressional testimony tomorrow.

The U.S. currency fell  a bare 7 points against the yen, 12 points versus the euro, 14 points against the swiss and 7 points versus the sterling.

Ms. Yellen testifys before the House Financial Services Committee tomorrow and the Senate Banking committee on Thursday.

Traders do not expect a change in the Fed's current tapering policy, the last two FOMC meeting have cut $20 billion from the original $85 billion a month of securities purchases, despite two months of weak jobs reports and a sharp fall in manufacturing sentiment.

Ms Yellen's well documented concern for unemployment will be on display in the morning. Safe to say the more the Fed Chairwoman mentions unemployment the greater the speculation that Ms Yellen will bring a more expansive outlook to the FOMC and the lower the dollar could go. Currency markets view quantitative easing as a drag on the value of the dollar.


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