He's already told us that he's going to be forceful and preemptive in rate hikes. And so this is basically an exclamation point . . . all it simply does is reaffirm what he has already said: higher rates.
We're really just in a trading range ahead of next Tuesday, but the trend is basically bullish.
There is still principal concern over Fed tightening and we've rallied a tremendous amount since mid-May. Right now, we're kind of in breather status.
(The yen) is still in a state of confusion and it's reflecting itself in its price patterns. The market is really unclear as to where to go right here. There are concerns about inflationary fears and that is explaining why the currency is narrowly trading.