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The night started out with the release of a
firmer-than-expected PPI at 0.6%m/m for Jan (vs. the expected 0.3%).
However, it was Yellen’s comments which began 30mins later that lifted
the USD and rates higher. She was decidedly hawkish in her delivery, echoing
Fed Kaplan’s words that it is ‘unwise to wait too long to hike’ and
‘every meeting is live’. She basically sees rate hikes as long as the
‘economy is progressing’. The USDJPY was last seen around 114.30,
tapering off...
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