Yellen leaves the USD at risk - BNPP

Research Team at BNP Paribas, suggests that the USD remains vulnerable in the aftermath of two days of testimony from Fed Chair Yellen.

Key Quotes

“The Chair did not break new ground in her comments to the House on Wednesday, sticking to the message she delivered in the Senate on Tuesday. The message from the Fed has evolved in our view, from communicating a posture of likely imminent further tightening to one of patience and evaluation of data.

We think data will continue to challenge the notion that hikes could resume, although jobless claims could retrace a bit of last week’s back up on Thursday. On the speaker front, next focus will be on remarks from Philadelphia Fed President Kaplan who addresses the New York.”