Market Overview

ForexLive American Wrap: USD/JPY Climbs Toward 94.00

Treasury's Brainard: US supports Japanese efforts to beat deflation
ECB's Weidmann: Euro not seriously overvalued
Fed's Yellen says higher rates not assured after thresholds crossed
Australia Fin Min: No need to depress euro
Italy Fin Min: FX rates should be market determined
G30 calls for long-term investing
EU banks may have to meet basel liquidity target before rivals
S&P revises Ireland to stable from negative at BBB+
New Zealand home prices +7.1% y/y
Syrian car bomb detonates in Turkey
Gold down $17 to one-month low $1650

Two first two headlines of our wrap account for the market moves today.

Weidmann sent the euro to 1.3428 from 1.3380. It wasn't a revelation and that's why EUR/USD stagnated and then slipped back below 1.3400.

The Brainard comment came late in the day and the market was slow to grasp the meaning (but we weren't). USD/JPY and the yen crosses have been marching steadily higher and tripping some buy stops. Offers ahead of 94.00 are holding so far.

The risk trade wasn't a driver today as the S&P 500 traded in a 5 point range around unchanged. USD/CAD hit 1.0084 but overbought conditions led to a steady slide back to 1.0043.

The comments from Yellen  suggested no change in the QE status quo for the foreseeable future but Yellen is noted dove and the market hardly moved except for a $5 blip in gold.

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: News Forex Global Economics Markets Trading Ideas

 

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