Now that the dust has settled, the key take-away from the Yellen speech on Monday is that the time line for the next Fed rate hike is a lot more vague. This gives the central bank a lot of leeway to assess future data as it comes in, especialy as there are new doubts about the strength of the U.S, economic recovery. Expect forex trading to become much more data-dependant
No changes in Australian monetary policy today was as expected. The RBA policy statement did surprise as it ruled out future rate cuts. The AUD is up vs. the USD and key crosses on the back of this unexpected development.
GBP remains in play ahead of the Brexit referendum on Thursday June 23. Polling data remain volatile and are putting the outcome in pretty much a dead heat. Some warn that a number of the pollsters have an agenda and that results should be viewed in that light. There has been some chatter about a couple of "fat finger" trades today in the GBP.
With the Yellen speech out of the way, this becomes a very light week for major U.S. data. Fed officials are now into their quiet period ahead of the next Fed meeting on June 15.
John M. Bland, MBA co-founder Global-View.com
GVI Trading Room john 11:14:51 GMT - 06/07/2016
Fed Funds Indicators suggest EURUSD target of 1.1400 which was not breached Monday. (1.1381 HOD so far today)
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Mon 27 May 2019 AAGB/US- Holiday Tue 28 May 2019 A 14:00 US- Consumer Confidence C 13:00 US- Case-Shiller Wed 29 May 2019 A 08:55 DE- Employment AA 18:00 US- BOC Decision A 18:30 US- EIA Crude Thu 30 Mar 2019 AAEZ/CH- Holiday A 12:30 US- Weekly Jobless Fri 31 Mar 2019 AA 10:00 EZ- Flash HICP A 12:30 US- Personal Income, Spending, Deflator AA 14:00 US- Final Univ of Michigan
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