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Is this the week when Yellen boosts USD?

This week’s big event for currencies will be Fed chief Janet Yellen’s testimonies before the US Congress on Tuesday and the Senate on Wednesday, says Saxo Bank’s Head of FX Strategy John Hardy.

He says it will be quite easy for Yellen to surprise the market with rhetoric indicating she prefers to take no option off the table and that improvements similar to recently established pace of payroll and earnings growth could mean a June rate hike which is earlier than what the market currently expects.

While Yellen may not spell out her intentions explicitly, she is likely to tilt her rhetoric to indicate, when the Fed will move on rates. Any hawkish comments from Yellen could see the dollar spring into against several other major currencies like the euro, yen and Canadian dollar.

02:21 minutes
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