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25 Feb 2015
Session recap: USD offered ahead of Yellen
FXStreet (Edinburgh) - The greenback is trading on the back footing vs. its main rivals on Wednesday, following yesterday’s neutral-to-dovish tone from Chairwoman Janet Yellen in the Humphrey-Hawkins Testimony. Despite the current weakness, the dollar managed to recover ground lost against the backdrop of a more ‘patient’ Fed. A second testimony by the Head of the Fed is due later on today, albeit market consensus is not expecting a different tone from Tuesday.
In another note, the sterling continued to appreciate today, lifting GBP/USD to trade in multi-week highs in the 1.5540 neighbourhood. The pound is deriving extra wings from recent appreciations by BoE M.Carney, stating that a rate hike could come early in 2016 at the latest, not ruling out starting the hiking cycle at some point in Q4 2015.
Greece developments remain in the back burner so far, although some voices of dissent – as well as doubts – have recently emerged regarding the recent loan extension deal with the Eurogroup.
The main events for today include another testimony by Chairwoman J.Yellen and the speech by ECB’s M.Draghi in the European Parliament.
In another note, the sterling continued to appreciate today, lifting GBP/USD to trade in multi-week highs in the 1.5540 neighbourhood. The pound is deriving extra wings from recent appreciations by BoE M.Carney, stating that a rate hike could come early in 2016 at the latest, not ruling out starting the hiking cycle at some point in Q4 2015.
Greece developments remain in the back burner so far, although some voices of dissent – as well as doubts – have recently emerged regarding the recent loan extension deal with the Eurogroup.
The main events for today include another testimony by Chairwoman J.Yellen and the speech by ECB’s M.Draghi in the European Parliament.