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Fed Expecations
The new Chair of the Fed Reserve, Janet Yellen, had a, generally speaking, warm welcome from the markets when she gave her first testimony to Congress. Asian stocks rose after the incoming Fed chief said that there would be a "great deal of continuity" in US economic policy.
But a mixed response from currencies, and Saxo Bank Head of FX Strategy, John Hardy, has advice for traders in the immediate wake of Yellen’s first public comments. He's says that although there have been no "takeaways" from the Yellen testimony, risk appetite has been raised.
Despite Janet Yellen's comments largely soothing words the emerging markets crisis will still be the dominant factor in assessing the broader picture, according to John Hardy, with traders back to looking at incoming data .
01:16 minutes
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