Spreadex Market Update
Dollar Falls in Preparation of Yellen’s Speech
The dollar halted its two-day advance as it fell on speculation that Federal Reserve Chair Janet Yellen will not be confirming the expected interest rate hikes by the end of the year. Yellen is due to speak on Friday at an annual symposium in Jackson Hole, Wyoming. Mansoor Mohi-uddin, a strategist at RBS, was quoted as saying, “The market believes that Yellen will not give any signal about the timing of the Fed’s next rate rise … This may keep the dollar capped this week, but we think a strong dollar rally is coming”.
The Bloomberg Dollar Spot Index dropped by 0.2% as of 06:51, having risen 0.6% in the previous two days. The dollar fell 0.2% to 100.11 yen and also weakened 0.2% against the euro, falling to $1.1338.
Elsewhere, Woodford Investment Management, one of best-known fund managers in the UK has scrapped employee bonuses, saying there is little correlation between bonuses and performance. The firm said it will instead pay people “the right amount of money” as salary in hopes of achieving more consistent behaviour among its employees.
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