We want to see what his line of reasoning was and if it's a valid argument, then perhaps the dollar sells off. If his comments are not as dovish as people might fear, the dollar might rally.
The Bank of Japan is going to be on hold while the Fed and the ECB are proactively raising rates. The yen is the hardest currency to buy.
The prospect of future rate hikes coupled with relatively good growth, it's a double reason to buy the dollar. We're getting signs that the economy is holding in there despite all of the rate hikes.
The initial jobless claims number wasn't as dire as it could have been. We saw some dollar buying after that.
This is definitely bullish for the euro. European yields are edging higher, and the speculation is that the ECB is going to have to tighten sooner rather than later.
The market's kind of worried they may suggest they are coming to an end of the aggressive tightening cycle. There is some dollar selling as a result of that.
