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Traders await Yellen’s first Public Testimony

Janet Yellen the newly appointed Federal Reserve Chairwoman will make her first public appearance today. The greenback is trading near a two-week high, as investors believe that Yellen will have a dovish outlook, and will leave the level of stimulus unchanged. Ben Bernanke the previous Fed Chairman had begun the tapering process, as the US economy is weaned off of the ultra-loose monetary policy.

Fridays employment data, was a disappointment which some analysts believe will be one of the factors behind a more gradual reduction in the level of monthly asset purchases.  In January the Fed announced that they would taper by a further $10bn per month.

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