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Hardy: Janet Yellen's 'tone deaf' testimony

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'Tone deaf' is how Saxo's head of FX Strategy, John Hardy, is seeing Janet Yellen's testimony to Congress. He believes the Chair of the Federal Reserve is ignoring the market's view that there will be no rate hikes this year.

Hardy's initial reaction is that this will reduce the appetite for risk. Meanwhile market reaction over how to trade the US dollar is looking confused. He continues to focus on USDJPY and explains why.