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Wednesday May 7, 2014 - 09:29:43 GMT
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Yellen Mid-Morning Economic Testimony the Focus. Markets in Risk-Off Posture
|Yellen Mid-Morning Economic Testimony the Focus. Markets in Risk-Off Posture|
May 7, 2014 09:00 gmt
US- Weekly Mortgages, Productivity, Yellen testimony, Weekly Crude, 10-yr Auction
| EURUSD 1.3915
|| U.S. 2.58% -2bp
|| North America: Higher|
| EURJPY 141.32
|| Bund 1.45% -1bp
|| DAX: Lower|
| GBPUSD 1.6969
|| GILT 2.65% -1bp
|| FTSE: Lower|
| USDJPY 101.56
|| JGB 0.60% -1bp
|| Far East Close: Lower|
HIGH IMPACT NEWS ITEMS: US- Productivity, Yellen testimony, 10-yr Auction
- Today at 14:00 GMT Federal Reserve Chair Yellen will testify before the Congressional Joint Economic Committee on the economic outlook. It would be reasonable to expect a mildly optimistic but cautious view n growth. Its unlikely that she would have something NEW to disclose about future policy so soon after an FOMC meeting.
- German February factory Orders were considerably weaker than expected. This pattern is not evident in the Eurozone as a whole. The greatest weaness was in foreign orders (-4.6%).
- The EURUSD remains in range of its1.40 psychological target. The same is true for GBPUSD 1.70.
- We will closely monitor the ECB commentary Thursday to see what is said about the value of their common currency. We do not expect any ECB policy change. From a trading point of view keep a close eye on USDCNY because that will tell you in real-time what the PBOC is doing
- This week also features a Bank of England meeting on Thursday. Canadian Employment data are due on Friday..
- 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. for actual data, selected charts, etc.) and comments from experienced traders to events as they happen.
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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