The USD is strong after Chair Yellen suggested that the time line for interest rates could be different than what is currently priced in if there is a better than expected shift in employment and on comments of stretched valuations in social media and biotech. However the broader takeaway was likely more dovish, with a cautious and uncertainoutlook. Today Chair Yellen will provide a second day of testimony (this time to House Committee) but there is also a slew of data, including TIC, NAHB, industrial production and PPI.
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