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Monday February 10, 2014 - 21:13:04 GMT
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Monday sees cautious trade as traders await Yellen's testimony
|Monday sees cautious trade as traders await Yellen's testimony |
11 February 2014 00:00 gmt
CALENDAR: JP- Holiday North America: Yellen Testimony, Wholesale Inventories, 3-yr auction, API energy
| EURUSD 1.3640
|| U.S. 2.67% 0bp
|| North America: Mixed|
| EURJPY 139.92
|| Bund 1.68% +2bp
|| DAX: Lower|
| GBPUSD 1.6405
|| GILT 2.73% +2bp
|| FTSE: Higher|
| USDJPY 102.19
|| JGB 0.61% -1bp
|| Far East Close:Higher|
HIGH IMPACT ITEMS: JP- Holiday, Yellen Testimony
- Markets were retrained on Monday as the focus was on semi- annual testimony by new Federal Reserve Chair Janet Yellen on Tuesday and Thursday to the House and Senate, respectively, on the economy.
- We expect Yellen to indicate the Fed is likely to continue the tapering of its Asset Purchase Program because most Governors feel it has outlived its usefulness.
- On the other hand, its ultra-easy short term monetary policy is expected to remain in place for the foreseeable future. Thus we are expecting no surprises from Yellen before Congress. a much weaker than expected employment report for January has cemented its easy policy.
- This week sees a relatively light calendar. It features semi- annual testimony by Fed Chair Yellen on Tuesday and Thursday on Fed policy and the economy. On Wednesday, the Bank of England will release its quarterly Inflation report. Thursday sees the latest key employment data from Australia. later that session, the U.S. announces its Retail Sales data. Friday well be an active session with Chinese CPI and EZ GDP data due early. Later the U.S. releases import prices, Industrial production, and the latest University of Michigan Survey ahead of an early pre-holiday close. Be sure to refer daily to the Global-View Economic Calendar For key items (actual data, selected charts, etc.) as they are released, see the FOREX FORUM .
FX Trade Talk: What's moving markets-- Expert Commentary, data. and data charts posted continuously on FOREX FORUM
John M. Bland, an author and a founding partner of Global-View.com, has been a corporate FX consultant for a major N.Y. bank, a forex trader for a major N.Y. institution, and an FX analyst for a blue chip Fed watching service. John has an MBA in International Finance and an A.B. in Economics from the University of California at Berkeley.
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