15 Jul 2014
EUR/USD turns lower on Yellen’s Q&A session
FXStreet (Córdoba) - The EUR/USD turned back lower and fell to fresh daily lows as Yellen begins the Q&A session of her testimony before the US Congress.
In the prepared remarks, Yellen said the bank may move sooner if labor market keeps surprising, but that time is not yet here, sticking to her stance. However, the EUR/USD came back under pressure as soon as the Q&A started as Yellen sent mixed signals.
She said the labor market is improving, exactly what they want to achieve but Fed needs to be quite cautious to avoid "false dawns"; needs to make sure economy on solid trajectory before considering raising rates.
The EUR/USD dropped back below 1.3600 to hit a bottom at 1.3579. At time of writing, the pair is trading at 1.3585, 0.24% below its opening price.
In the prepared remarks, Yellen said the bank may move sooner if labor market keeps surprising, but that time is not yet here, sticking to her stance. However, the EUR/USD came back under pressure as soon as the Q&A started as Yellen sent mixed signals.
She said the labor market is improving, exactly what they want to achieve but Fed needs to be quite cautious to avoid "false dawns"; needs to make sure economy on solid trajectory before considering raising rates.
The EUR/USD dropped back below 1.3600 to hit a bottom at 1.3579. At time of writing, the pair is trading at 1.3585, 0.24% below its opening price.