Today has been a very busy day in financial markets. Janet Yellen`s testimony does not move the markets as much as her press conferences do but markets are still interested.
Mr Clarence remarked that "Yellen has a habit for making the USD weak."
The testimony basically was about her mentioning that further easing is required to strengthen the economy. The low wages "is a significant slack in the labour markets."
These are all bad news for the USD. More easing means more money pumped into the economy, causing the value to fall.
She also highlighted that the jobless rate is an all time low in six year. I do have my doubts on this figure and as this post is being written, Microsoft is reducing its workforce.
A more detailed coverage on her testimony can be found on bloomberg.
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