Fed Chair Speech is always highly anticipated by analysts. The Chair is appointed by the US President from among the members of the Board of Governors of the Federal Reserve. After that the candidate is approved by the Senate. The longest term of appointment is 14 years. The appointment is reviewed every two years, after which the term continues or a new Chairman is selected.
The Fed's Chair has access to all information regarding the Fed's policy and expected measures for easing or tightening the monetary policy. Therefore, the Fed's Chair's speech has the greatest impact on financial markets compared to other members of the Board of Governors.
If the speech suggests a possible hike in the Fed's interest rate or tightening of the country's monetary policy during several next meetings, such a speech may lead to a near-term volatility of the dollar towards growth. If the Chair's rhetoric is cautious or conservative, it rarely affects the exchange rate of the national currency.