7 May 2014
Session Recap: Consolidation with Fed's Yellen in focus
FXStreet (Córdoba) - Consolidation and mild risk aversion have defined the European session, with the dollar taking a breather from yesterday's sharp losses, and even correcting somewhat, and the yen slightly higher across the board.
The EUR/USD and the GBP/USD have traded in tight ranges just beneath yesterday’s highs of 1.3950 and 1.6995 respectively, while the USD/JPY has fallen to fresh 3-week lows as risk appetite has been depressed by increasing risks of a civil war in Ukraine.
Currencies linked to commodities hold onto yesterday’s gains with the main exception of the NZD, which was hurt by RBNZ Wheeler jawboning. Meanwhile, stocks traded in the red in Asia and Europe, while US futures point for a negative opening.
Main focus today is on Fed's Yellen testimony before the Joint Economic Committee of Congress with most analysts sharing the view her comments today are not expected to deviate much from the last FOMC's statement.
Main Headlines in Europe:
Switzerland: Unemployment Rate steady at 3.2% in April
Germany Factory Orders s.a. (MoM) missed forecasts (0.3%) in March: Actual (-2.8%)
France Industrial Output (MoM) registered at -0.7%, missing expectations (0.2%) in March
Asia EM Express: PBoC pledges to keep monetary policy prudent
USD Index recap
What's the sentiment around the EUR/USD today? – Commerzbank and Danske Bank
The EUR/USD and the GBP/USD have traded in tight ranges just beneath yesterday’s highs of 1.3950 and 1.6995 respectively, while the USD/JPY has fallen to fresh 3-week lows as risk appetite has been depressed by increasing risks of a civil war in Ukraine.
Currencies linked to commodities hold onto yesterday’s gains with the main exception of the NZD, which was hurt by RBNZ Wheeler jawboning. Meanwhile, stocks traded in the red in Asia and Europe, while US futures point for a negative opening.
Main focus today is on Fed's Yellen testimony before the Joint Economic Committee of Congress with most analysts sharing the view her comments today are not expected to deviate much from the last FOMC's statement.
Main Headlines in Europe:
Switzerland: Unemployment Rate steady at 3.2% in April
Germany Factory Orders s.a. (MoM) missed forecasts (0.3%) in March: Actual (-2.8%)
France Industrial Output (MoM) registered at -0.7%, missing expectations (0.2%) in March
Asia EM Express: PBoC pledges to keep monetary policy prudent
USD Index recap
What's the sentiment around the EUR/USD today? – Commerzbank and Danske Bank