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Mid-Day Report: Dollar Firm on Upbeat Yellen, CAD Dives on BoC CutDollar is strengthens in early US session on upbeat comments from Fed chair Janet Yellen. In her prepared remarks for the testimony before the House Financial Services Committee, Yellen reiterated that "if the economy evolves as we expect, economic conditions likely would make it appropriate at some point this year to raise the federal funds rate target." Meanwhile, she expected economic recovery to "to strengthen over the remainder of this year and the unemployment rate to decline gradually." Also, she noted that "economic growth abroad could also pick up more quickly than observers generally anticipate, providing additional support for U.S. economic activity." And, she's optimistic that "the U.S. economy also might snap back more quickly as the transitory influences holding down first-half growth fade and the boost to consumer spending from low oil prices shows through more definitively." |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 122.96; (P) 123.34; (R1) 123.77; More... USD/JPY rises further to 123.87 in early US session. Intraday bias remains on the upside or 124.43 resistance. As noted before, pull back from 125.85 should have completed at 120.40. The corrective structure argues that larger up trend is not completed. Break of 124.43 should target 125.85 high and above. Meanwhile, below 122.87 minor support will turn focus back to 120.40 support instead. |
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