An extremely busy day today with the beginning of Fed Yellen’s two-day semi-annual testimony, BoC policy meeting with speculations for tightening and British pound’s weakness due to a committee member comments and concerns. Meanwhile, Brent Crude Oil shored up unexpectedly.
Fed Yellen’s Testimony Begins Today; USD Traders in Action
The U.S. dollar reversed its earlier gains and slipped lower against all its major rivals on Tuesday and early Wednesday ahead of Fed Chair Janet Yellen semi-annual testimony. The testimony will be integrated tomorrow, before the Committee. Traders will hang on every word of testimony, as it will be the main driver of the dollar’s performance in the next days, as well as in the longer run, as Yellen is expected to express her opinion for economy’s progress. Wholesale inventories increased by 0.4% in May versus a rise of 0.3% before, indicating a consumption slowdown. Moreover, the NFIB Business optimism index for June decreased to 103.6 from 104.5 in May, while the market consensus was 104.4.
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