27/02/14 @ 08:35 GMT by Simon Smith, Chief Economist

　　http://www.fxpro.cn/news/daily-forex-brief/20140227/yubo

　　The focus is back on the dollar today as Fed Chair Yellen testifies to the Senate on monetary policy, an event delayed from earlier in the month owing to the weather. This does mean that it’s going to catch more attention that would have otherwise have been the case, given that we have seen a fair amount of data and events since her testimony on 11th February. The dollar remains lower overall from that date, but has managed to recover from the mid-month lows and especially yesterday, with further gains being seen against the euro and sterling in early European trading. This is despite the fact that overall the data (leaving aside new home sales yesterday) has continued to fall to the disappointing side. We are also that much closer to the mid-March FOMC meeting and markets are going to be more sensitive on indications whether the FOMC may pause its tapering policy.

　　Meanwhile, the other big theme of the week, namely China, has seen some stabilisation. Stocks have recovered with interest rates also falling. The yuan has seen some stability also, with the offshore renminbi, recovering today and increasing the divergence between the on-shore rate, which had narrowed substantially at the end of last week. As we mentioned yesterday, recent events in China, which have seen a substantial weakening and greater volatility in the currency, have added to the uncertainty in markets and made for a more unpredictable end to the month. With month-end falling tomorrow (Friday), markets are likely to remain skittish into the end of the week.

　　今天焦点又回到了美元身上，因为美联储主席Yellen 向参议院解释了其货币政策，这件事本来应该在月初进行，但由于天气原因而被延后。这并不意味着这种政策会像以前那样吸引更多注意力，因为自从二月11 日Yellen 的证言后我们发现出现了相当数量的数据和事件发生。从那天起美元仍然处于低位，不过却在努力从月中的低点恢复，昨天这种情况特别明显，而在欧洲盘早期美元针对欧元和英镑出现进一步的收获。不过总体上数据（不谈昨天的新房销售数据）继续让人失望。而联邦公开市场委员会（FOMC）三月中的会议越来越接近，市场也越来越担心FOMC 可能会暂停其紧缩政策。

　　同时，这一周的大事，也就是中国，出现了一些稳定的吉祥。股票恢复利率降低。人民币也趋于稳定，离岸人民币也是如此，今天出现恢复而且和在岸利率之间的差别在加大，其中在岸利率在上周末出现显著收窄的趋势。正如我们昨天提到的，最近中国的事件显著疲软而且人民币也出现很大波动，这种情况更增加了市场的不确定性并且让月末的局势愈加无法预测。明天就是月末（周五），市场有可能在周末仍然处在柳暗花明之中。

　　FX Alerts

　　AUSTRALIA PRIVATE CAPITAL EXPENDITURE AT -5.2%

　　澳洲私人资本投资-5.2%

　　27/02/14 @ 00:42 GMT by FxProDealing Desk

　　http://www.fxpro.cn/news/forex-news/20140227/aozhou-siren-ziben-touzi-52

　　AUDUSD falls 50 pips after Australia Private Capital Expenditure was worst than expected (actual -5.2%, forecast -1%)

　　澳大利亚私人资本投资比预期要差（实际-5.2%，预测是-1%）澳元美元下降了50 点。

　　FX Alerts

　　FX NERVOUS AHEAD OF YELLEN

　　Yellen 让外汇市场紧张

　　27/02/14 @ 13:47 GMT by Simon Smith, Chief Economist

　　http://www.fxpro.cn/news/forex-news/20140227/yellen-rang-waihuishichang-jinzhang

　　USDJPY and cable pushing higher after US data, cable above 1.6650 and USDJPY above 102.00. Market nervous ahead of Yellen at 15:00 GMT. Claims data higher than expected, with durable goods the usual mixed bag.

　　美国数据发布后美元日元和英镑美元走高，英镑美元高于1.6650，而美元日元高于102.00。格林尼治时间15 点Yellen 发表证言之前市场变得很紧张。申请失业救济数据比预期要高，而耐用品数据则和往常一样鱼龙混杂。