The US dollar had an indifferent day, with little data to drive any market movement. Markets were tentative ahead of today’s testimony from new Federal Reserve Chairperson Janet Yellen. This will likely be the main event of the day, as her decisions will have fair influence over the future of the US policies. As such, investors will look to this for clues as to the long term prospects for the currency. Of particular significance will be her stance over continued tapering of the US quantitative easing (QE) programme, given the recent weakness in the labour market.
As for data, there is the job openings figure from the Job Openings and Labour Turnover Summary, and this could give some support for further QE tapering.
Wondering how this translates for US dollar strength? Get in touch with your trader for the latest US dollar rates, as investors gauge the impact of a new era for the US Federal Reserve.