Posted: Feb 22, 2010 5:00
The late-Friday speech from Yellen was notable because she shifted the focus back to jobs and away from wage inflation. The best performers last week were JPY and CHF while AUD lagged. We also look at the weekend news and note that CFTC positioning shows euro shorts at a record.
Yellen delivered a speech late on Friday and the unusual time left less time (and perhaps energy) for market participants to analyse the text. The main headlines were that a rate rise may well be warranted later this year but the bulk of the speech was a call for waiting for more data.