Daily Morning Report 14.07.2017
The dollar edged lower Friday after Fed Chair Janet Yellen’s two-day testimony to Congress.
The dollar index was off 0.09% at 95.47 at 04:15 ET, off a high of 95.61.
Yellen reiterated the idea of gradual tightening but noted the Fed has its eyes on developments on the inflation front.
U.S. inflation continues to trend below the Fed’s target of 2%.
U.S. CPI, retail sales and consumer sentiment figures are due out later in the session.
The odds of a December Fed hike currently stand below 50%.
The euro was firm above $1.14 with the ECB expected to announce plans for tapering asset purchases in September.
The (pound) traded above the $1.29 mark as the debate continues of the merits of early U.K. tightening.
The dollar was mostly steady against the yen at the 113 level.