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US FED chair Janet Yellen is scheduled to speak today at 16:00 GMT and the topic "US Economic Outlook" is just in line with, what might give her the opportunity to explain how she is assessing the progress ahead.
US second quarter has been mixed so far. While housing market have gained traction, jobs market failed to gain back its shin. FED officials are expecting the economy to grow at 2-2.5% in second quarter.
US just added about 223,000 new jobs in June and May pay roll was revised by 36,000 to 254,000.
This week initial jobless claims rose to 297,000. A level which was not seen in many months.
Today's speech by Janet Yellen stands very crucial to understand where her personal view stands. Market as of now is not expecting a rate hike not before September with some even calling December for first rate hike. A lot of time for US economy to recover, however a dovish outlook from Yellen will surely weigh on Dollar.
US dollar is currently trading at 95.57, down -0.73% for the day as hope for a Greek deal pushed money into single currency.
