U.S. Dollar Weakens Before Yellen Speaks Before U.S. Senate Committee On Capitol Hill; Following Flynn’s Resignation

The U.S. dollar has weakened on Tuesday against a basket of currencies ahead of Fed Chair Janet Yellen’s address to a Senate committee on Capitol Hill and following the resignation on Monday of White House National Security Adviser Michael Flynn over his past conversations with a Russian ambassador before Trump was inaugurated and for not disclosing complete information to Vice President Elect Mike Pence and others.

Contained in Flynn’s resignation letter, he admitted to briefing Vice President Elect Mike Pence and others with incomplete information about his phone calls with a Russian ambassador.

Fed Chairwoman Janet Yellen will speak today before a Senate committee about monetary policy issues which comes at a time when U.S. stocks indexes are at all time highs, and the yield on the 10 yr. Treasury has jumped from 1.78 percent just before Trump was elected to 2.43 percent today amid rising hopes that Trump will spark economic growth and more inflation by carrying out his promise to lower taxes and regulations.

Last Thursday, President Trump told airline executives in Chicago that over the next 2-3 weeks he is going to announce something “phenomenal in terms of tax” with no specifics cited.

Global shares have risen on hopes that Trump will deliver a new tax package.

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Johnathan Schweitzer




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