The EUR/USD pair slightly moved down yesterday, however finished the day again around 1.3700. We can see that the pair is pretty stable around this price as it is remains in this area for past 6 trading days. Yesterday two FOMC members had a speech. New York Federal Reserve President William Dudley said that Fed needs to wait “considerable time” after withdrawing all the stimulus before raising the interest rates. Contrarily Philadelphia Fed President Charles Plosser brought more hawkish opinion that Fed should raise the interest rates as soon as the inflation goal will be reached. Today the main events to watch will be speech of Fed Chairwoman Janet Yellen at 3.30PM (GMT) and finally FOMC Meeting Minutes at 6.00PM (GMT). The report could spark more market volatility. The movement has remained sideways. The support is lying at 1.3640 and resistance at 1.3730.
The USD/JPY pair has been under pressure yesterday before the FOMC Monetary policy report came out. In the report is written that the Bank of Japan will conduct money market operations so that the monetary base will increase at an annual pace of about 60-70 trillion yen means that the policy remains unchanged. The pair almost touched the 101.10 support level but reversed up. We can see that market still expect that BoJ might increase monetary stimulus by the end of June. Today we should keep an eye on the Janet Yellen speech and FOMC monetary policy minutes. The support is lying at 101.10 and resistance at 101.65.
The GBP/USD pair already retraced 50% of the downward movement from May 6th to May 15th. The pair increased yesterday on the back of the great CPI data which showed 1.8% instead of 1.7%. However, the PPI and RPI indices came out below expectation so the pair stopped its bullishness. Today at 8.30AM (GMT) the U.K. MPC Asset Purchase Facility Votes, Official Bank Rate Votes and Retail Sales will be released. That should pick up the volatility and give us some trading opportunities. Later on we should keep an eye on the FOMC monetary policy minutes report. The movement is slightly bullish. The support is lying at 1.6800 and resistance at 1.6860.
May 21, 2014 – Forex News
Hot asset for today: GBP/USD
The EUR/USD pair slightly moved down yesterday, however finished the day again around 1.3700. We can see that the pair is pretty stable around this price as it is remains in this area for past 6 trading days. Yesterday two FOMC members had a speech. New York Federal Reserve President William Dudley said that Fed needs to wait “considerable time” after withdrawing all the stimulus before raising the interest rates. Contrarily Philadelphia Fed President Charles Plosser brought more hawkish opinion that Fed should raise the interest rates as soon as the inflation goal will be reached. Today the main events to watch will be speech of Fed Chairwoman Janet Yellen at 3.30PM (GMT) and finally FOMC Meeting Minutes at 6.00PM (GMT). The report could spark more market volatility. The movement has remained sideways. The support is lying at 1.3640 and resistance at 1.3730.
The USD/JPY pair has been under pressure yesterday before the FOMC Monetary policy report came out. In the report is written that the Bank of Japan will conduct money market operations so that the monetary base will increase at an annual pace of about 60-70 trillion yen means that the policy remains unchanged. The pair almost touched the 101.10 support level but reversed up. We can see that market still expect that BoJ might increase monetary stimulus by the end of June. Today we should keep an eye on the Janet Yellen speech and FOMC monetary policy minutes. The support is lying at 101.10 and resistance at 101.65.
The GBP/USD pair already retraced 50% of the downward movement from May 6th to May 15th. The pair increased yesterday on the back of the great CPI data which showed 1.8% instead of 1.7%. However, the PPI and RPI indices came out below expectation so the pair stopped its bullishness. Today at 8.30AM (GMT) the U.K. MPC Asset Purchase Facility Votes, Official Bank Rate Votes and Retail Sales will be released. That should pick up the volatility and give us some trading opportunities. Later on we should keep an eye on the FOMC monetary policy minutes report. The movement is slightly bullish. The support is lying at 1.6800 and resistance at 1.6860.
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