Dollar Pares Gain From February High Ahead of Yellen Testimony
- Market awaits Fed Chair’s view on timing, number of hikes
- Dollar-yen touches highest since Jan. 30 as Abe, Trump skip FX
RBC’s Porcelli Says Change Is Coming at the Fed
This article is for subscribers only.
The dollar retreated from its strongest level of the month Monday while Treasuries pared losses as markets awaited Fed chair Janet Yellen’s testimony to Congress Tuesday for hints about the path of interest rates.
The dollar was in modest demand as stocks rose to a record in the U.S. and as expectations for fiscal stimulus remained elevated after President Trump last week said there will be a “phenomenal” tax package announced in coming weeks. Trading flows were modest Monday as traders kept their powder dry ahead of Yellen, who’s set to begin speaking at 10:00 am ET.