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Yellen Fails to Give Clues on Fed's Rate Hike Timing, Dollar Tumbles

Aug, 25th 16:55

The U.S. dollar was broadly lower versus its rivals on Friday, especially the Swiss Franc. The currency pair USDCHF dropped to the lowest level in nearly a month after Federal Reserve Chairwoman Janet Yellen did not comment on monetary policy in her remarks at a gathering of central bankers in Jackson Hole, Wyo.

USDCHF plunged more than 0.9 percent to trade at 0.9567 Swiss Franc per dollar – the lowest since July 27th. Fed Chairwoman Janet Yellen delivered a speech on Friday that didn’t offer clues on the central bank’s monetary policy investors hoped for. Instead, she defended post-crisis financial regulation, saying that any rollback of post-crisis financial reforms should be “modest”.

Yellen’s comments bucked speculation that she might strike a hawkish tone on policy and left investors to focus on ECB President Mario Draghi’s talk later.

Trade suggestion

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