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28 Feb 2014
Session Recap: Along came the risk; EUR/USD & GBP/USD on the upside
FXStreet (San Francisco) - The FXStreet chief analyst Valeria Bednarik described the day with extreme accuracy in a recent piece: "If you were missing volatility you surely got your expectations fulfilled this Thursday, with the market going back and forth, as dollar extended its recently gained upward momentum, only to reverse it completely."
The US dollar was roam freely across the board early in the day but then came the risk in the patter of Janet Yellen words. The chairwomen said that changing taper requires 'significant outlook change.' She affirmed that the Fed would probably continue to taper its QE while monitoring data. Yellen commented that the recent weather's impact in the economy must be measured deeply.
The Euro bounced at the 1.3650 area to close its fourth positive day in the last five. The pair recovered from the mentioned area to be stopped at the 200-hour MA at 1.3725. The the pair traded in consolidation and it closed the day around 1.3710.
The GBP/USD remains below the 1.6700 but the pair recovered the bullish path after holding the 1.6615 support. The cable closed at 1.6685 following a test of the 1.6700 key area. Pair shows positive indicators in the 1-hour chart.
The USD/JPY failed to break above the 102.70 area again and it declines to price at sub 102.00 levels briefly. However the dollar managed to recover ground against the yen and it closed at 102.15.
Main headlines in the American session
US: Initial Jobless Claims rose to 348K
US: Durable Good Orders (Jan) fell 1.0%
Yellen: Data soft since last appearance but hard to tell how much is due to weather
6.5% unemployment level area at which Fed would begin to consider raising rates: Yellen
Wall Street rallies amid Yellen words; S&P finally takes over the 1,850 level
The US dollar was roam freely across the board early in the day but then came the risk in the patter of Janet Yellen words. The chairwomen said that changing taper requires 'significant outlook change.' She affirmed that the Fed would probably continue to taper its QE while monitoring data. Yellen commented that the recent weather's impact in the economy must be measured deeply.
The Euro bounced at the 1.3650 area to close its fourth positive day in the last five. The pair recovered from the mentioned area to be stopped at the 200-hour MA at 1.3725. The the pair traded in consolidation and it closed the day around 1.3710.
The GBP/USD remains below the 1.6700 but the pair recovered the bullish path after holding the 1.6615 support. The cable closed at 1.6685 following a test of the 1.6700 key area. Pair shows positive indicators in the 1-hour chart.
The USD/JPY failed to break above the 102.70 area again and it declines to price at sub 102.00 levels briefly. However the dollar managed to recover ground against the yen and it closed at 102.15.
Main headlines in the American session
US: Initial Jobless Claims rose to 348K
US: Durable Good Orders (Jan) fell 1.0%
Yellen: Data soft since last appearance but hard to tell how much is due to weather
6.5% unemployment level area at which Fed would begin to consider raising rates: Yellen
Wall Street rallies amid Yellen words; S&P finally takes over the 1,850 level