More of the Same

If you enjoyed watching Janet Yellen spend several hours avoiding saying anything remotely interesting yesterday, you should love today’s Senate Banking Committee testimony.

In the meantime, EURUSD has reversed at our upside target and broken trend to the downside……even as USDJPY makes a feeble attempt at stabilizing.The net result is a dollar index which seems utterly confused.There are two clues, however, that should not be missed. One is that PPI came in at +2.0% YoY, a very questionable number given the actual sharp decline in oil and gas prices. But, not surprising, given that the Fed is trying to defend the USD here…continued for members…