Comments from Fed head Janet Yellen
- Uncertainties strengthen case for gradual hikes
- Gradual approach to rate hikes are particularly appropriate in light of subdued inflation
- Fed should be wary of moving too gradually
Conflicting comments from Yellen. The first comments on gradual took the buck down but the latter has pushed it back up again.
USDJPY swung down to test 112.00 but is now having another look at a long-term trouble spot at 112.50.