Daily Insight -- Dollar under pressure after Yellen's speech
​Federal Reserve chair Janet Yellen pointed out that inflation remains below the central bank's target of 2% (1.4% YoY in May), and the Federal Reserve does not know when inflation will finally pick up. According to Yellen's testimony, the central bank will start unwinding its balance sheet this year. At the same time, Janet Yellen did not give signals when the Federal Reserve will make its next policy moves. The DXY index responded to the testimony with a decline of 0.3% to 95.51, but then rebounded to 95.93. As of 10:00 a.m. Thursday, the DXY index was down 0.19% to 95.58.
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