USD: Janet Yellen’s press conference
Highlights of Yellen's comments:
- US economy is making a progress expanding at moderate pace.
- Labor market has yet to fully recover (significant underutilization of labor resources).
- Expects to end QE at next meeting.
- Pace of monetary tightening to depend on economy. Fed has flexibility to move faster if economy warrants.
- FOMC will continue to have a target range for Fed funds rate rather than a single point.
The market has picked the hawkish comments and USD is widely strengthening.