Forex: Little Mark on USD Ahead of Jackson Hole - Kathy Lien
Forex pairs in this Article »
EUR/USD
FXstreet.com (San Francisco) - The EURUSD was trading in narrow range throughout last couple of sessions but in the last hour the Euro declined fast from 1.2560 to trade at 1.2490. Now the EURUSD is trading at 1.2500, 0.21% below opening price action.
"The EURUSD and other major currencies trade in narrow ranges ahead of Bernanke's speech on Friday," comments Kathy Lien, Managing Director at BK. "With this week's economic data and Beige Book report providing no new insight into what the Fed Chairman will say at Jackson Hole, investors are biding their time and keeping pre-positioning at minimum before the big event."
"It is under these confusing and challenging conditions in the U.S. economy that the Federal Reserve Chairman will be delivering his annual speech in Wyoming," points Lien, "and in our opinion, Bernanke does not have enough evidence to make any definitive commitments to monetary policy on Friday."
"While the EURUSD has quietly consolidated and sooner or later, either currency or bond traders will be prove wrong, concluded Lien.
"The EURUSD and other major currencies trade in narrow ranges ahead of Bernanke's speech on Friday," comments Kathy Lien, Managing Director at BK. "With this week's economic data and Beige Book report providing no new insight into what the Fed Chairman will say at Jackson Hole, investors are biding their time and keeping pre-positioning at minimum before the big event."
"It is under these confusing and challenging conditions in the U.S. economy that the Federal Reserve Chairman will be delivering his annual speech in Wyoming," points Lien, "and in our opinion, Bernanke does not have enough evidence to make any definitive commitments to monetary policy on Friday."
"While the EURUSD has quietly consolidated and sooner or later, either currency or bond traders will be prove wrong, concluded Lien.
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