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A Day After Yellen
We are not exactly there yet but almost a day after the Big Yellen Press conference and the Fed’s economic projections and statement we have the dollar recouping much of its losses which leads us toconclude either one of two things, or may be both happened. First, market makers were seeing a lot of stops and Yellen happened to be a convenient excuse to hit them. Or secondly, people were actually looking to book profits following the difficulty to push the dollar any further. None the less what ever the reason yesterday saw a big dollar retreat only to be reversed today with the smart money taking advantage of the betterpricing.
Reviewing what was said yesterday it is clear that the Fed actually laid the ground work for a rate hike by the middle of the year removing patience from its standard statement. True they talked about the downside risks for the economy but as long as the Jobs market holds we will continue to look forward to the day when people will start spending more sparking a virtous cycle of consumption, growth, and perhaps further strength in the currency.
Source: http://www.fxinstructor.com/blog/a-day-after-yellen
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