Best to trim intraday positions ahead of Yellen testimony
The sense I’m getting from the interbank market is that a lot of big macro players have been sitting on the sidelines waiting for the Yellen testimony to be over before placing their trades. I’m also getting the sense that the market wants to buy risk trades, something like GBP/JPY perhaps, but like I said earlier it’s definitely best to wait for opportunities after the event.
Anyone running intraday trades would be well advised to reduce or cut prior to the event. You might get lucky but then again, you might not. Best not leave it to luck imho.