Alan Ruskin, Macro strategist at Deutsche Bank, suggests that if we look at the impact of past Yellen macro speeches since she became Fed Chairperson, we find an underwhelming market impact. Key Quotes “After the Yellen speech we expect the market to remain very reluctant to price in an April hike. This should still work with the assumption of a long enough period without Fed tightening to foster some moderate follow through to the risk positive environment. The initial reaction will be restrained in part because participants will wish to avoid getting whipsawed by key data at the end of the week. As for the USD, the median currency impact has been minimal for Yellen’s past speeches and testimonies. There is nothing here to suggest USD bulls should be holding their breath in the hope of immediate significant USD support.” For more information, read our latest forex news.