Global macro overview for 15/02/2017
February 15, 2017 8:13 amVideo
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Global macro overview for 15/02/2017:
In her yesterday testimony, the Federal Reserve head Janet Yellen had made some interesting remarks regarding the future rate hikes. She said the further tightening ahead is possible and the risks of waiting too long might be a mistake. However, there is no specific data of the rate hike yet (market participants assume it might be March 2017) and Yellen also emphasized that hikes will be “gradual”. Moreover, she said that the FED is not basing rate decisions on fiscal policy speculation as the FED’s expectation of rate increases in 2017 appropriate. She expects housing and employment will continue to recover, but 1.9% GDP growth is a disappointing performance so far. In conclusion, rather hawkish remarks from the FED Chairperson and so fat after the speech the odds for a next rate hike according to the FED WatchTool for next FED meeting in March are at 83%.
Let’s now take a look at the US Dollar Index technical picture after the hawkish Yellen testimony. The bulls have managed to break out above the technical resistance at the level of 101.03 and not the price is heading towards the next resistance at the level of 101.73. Only a sustained break out below the level of 100.06 might invalidate this scenario.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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