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Hawkish comments from Yellen drives dollar higher
After the politically driven moves on forex markets in recent days, it was the turn of Fed chair Janet Yellen to grab the mic and drive dollar direction. Yellen’s relatively hawkish comments that suggested the committee needed to be mindful not to be slow in normalising rates for fear of some “nasty” surprise further down the line. Treasury yields pushed strongly higher with this and the dollar reacted higher also. The key will be now whether this is a turning point in this dollar correction. Watch for a push above 2.45% on the US 10 year yield which would be an indication of a change in sentiment. This dollar ... (full story)