Kit Juckes, Research Analyst at Societe Generale, suggests that today is all about Janet Yellen, apparently, but she is going to have to walk a line so fine we can barely see it to keep everyone happy. Key Quotes “The FOMC Statement acknowledged the global backdrop and tighter financial conditions, and these concerns have grown if anything. But the unemployment rate’s down, and wage growth is trending higher. So the Fed is data-watching and waiting for calmer days before tightening. How do you make that sound reassuring to nervous markets, in particular ones best by concern that central bankers are now largely impotent (as per the BOJs failure to weaken the yen)? Facing this challenge, it’s too early to go long the dollar within G10FX, though the time for shorts in EUR/USD will return when global uncertainty levels are reduced. It’s too early to bang on a drum about breakevens either, for that matter but the day for that will return in due course, too.” For more information, read our latest forex news.