Yellen Fails to Give Clues on Fed’s Rate Hike Timing, Dollar Tumbles
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.
Sell Stop at 1.95650, Take profit at 1.95250, Stop loss at 1.95850