US Treasury Secretary Yellen: US economy is being very resilient in face of set of shocks

Yellen:

•  inflation  may have peaked
• US economy is being very resilient in the face of a set of shocks
• Will have to put up with high inflation for a while longer
• Knows  Federal Reserve  will look carefully at the data in responding to inflation
• there is a possibility that imposing import bans on Russian energy could drive price is higher throughout global economy

Lagarde:

• APP likely to end in early Q3 (that is different than what she said last week after the ECB rate decision – said the APP was likely to and in the 3Q but could be near the beginning or end)
• There is strong chance rates will be raised this year
• Not seeing stagflation

The EURUSD traded to a low of 1.07697. It currently trades at 1.0779. The low price for the week reached 1.07604. The low price from last week reach 1.07568.