Back

Session Recap: EUR flat, Yellen eyed

FXStreet (Edinburgh) - The single currency has now recovered the drop to the vicinity of 1.1300 the figure vs. the dollar during the European morning, paying no attention to the recent progress in the Greek front. The Eurogroup will now discuss the list of economic reforms submitted by the Greek government, although the European Commission has already anticipated that the list is “sufficiently comprehensive”.

In another tone, Governor Carney and MPCs Weale and Miles testified before the Treasury Select Committee on the latest Quarterly Inflation Report. Carney suggested that consumer prices should be back around the central bank’s target within two years, while his colleagues expressed opposite views regarding the timing of the first rate hike, leaving the rate expectations pretty much unchanged.

The greenback is now shedding some of its earlier gains, with all the attention on Chairwoman J.Yellen’s Semi-Annual testimony on monetary policy. Consensus now expects a less dovish tone from Yellen, which could lend extra support to the US dollar.

Looking further East, the Turkish central bank lowered its benchmark rate by 25 bps to 7.50%, while the central bank of Hungary stayed put, leaving rates at 2.1%. Bothe prints came in line with prior surveys.

EUR/USD erases daily losses, Yellen testimony eyed

EUR/USD recovered from lows and trades little changed on the day as Eurogroup assesses Greek list of reforms and markets await Fed’s Yellen testimony before the Congress.
Read more Previous

GBP/USD declines as Carney fails to boost Gilt yields

The GBP/USD pair fell into losses on Tuesday after a slightly hawkish comments from the Bank of England (BOE) governor Carney failed to push up the Gilt yields in the UK. The 10-year Gilt yield in the UK erased gains, thereby weakening the British Pound.
Read more Next