The interest rate advantage that the U.S. dollar had enjoyed has receded sharply over the last couple of days.
We thought the testimony was mostly in line with what people expected.
What's happening with the dollar has little to do with the data. A lot of people were just caught on the wrong side when the euro broke below 1.2250. That had been the real signal for a lot of people in the market a couple of weeks ago, so now people are just covering their stops.
There's a risk you get a terrible number and there's no liquidity in the market,
ECB hawkish-ness will make it harder to keep the dollar where it is.
It's very unlikely that ECB policy is going to change with any of the likely successors.
He doesn't say anything very specific about current monetary policy, ... In some ways for FX markets, which have got used to Fed speakers being relatively hawkish, this may be a little disappointing (for the dollar).
The police force isn't big enough to enforce that sort of thing. This is where community expectation and standard will have to hold sway.