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14 Nov 2013
Flash: EUR/USD remains Fed Focused - TD Securities
FXstreet.com (Barcelona) - TD Securities strategists note that it has been a very choppy 24 hours for EUR/USD with the pair swinging aggressively between 1.34 and 1.35.
Key Quotes
“Yellen’s opening remarks to the Senate were released late in the North American session and saw a rally to just shy of 1.35, before the pair steadily sold off through the Asian and European sessions.”
“Eurozone GDP was only mildly lower than consensus expectations, but the small miss only addedto the weight on EUR/USD from the broad USD bid. Most of the overnight choppiness can be credited to Fed expectations, and that should continue to be the case with Fed Chair nominee Yellen’s testimony in front of the Senate Banking Committee at 10:00AM ET this morning.”
“Her opening remarks are already public, and the Q&A session should provide the most market moving comments. Choppiness should continue near term, but broadly speaking we remain bearish EUR/USD.”
Key Quotes
“Yellen’s opening remarks to the Senate were released late in the North American session and saw a rally to just shy of 1.35, before the pair steadily sold off through the Asian and European sessions.”
“Eurozone GDP was only mildly lower than consensus expectations, but the small miss only addedto the weight on EUR/USD from the broad USD bid. Most of the overnight choppiness can be credited to Fed expectations, and that should continue to be the case with Fed Chair nominee Yellen’s testimony in front of the Senate Banking Committee at 10:00AM ET this morning.”
“Her opening remarks are already public, and the Q&A session should provide the most market moving comments. Choppiness should continue near term, but broadly speaking we remain bearish EUR/USD.”