EUR Rises Before Bernanke Congress Senate Double Header
The EUR broke through the 1.31 price level in early Asian session trading and continues to hover above that level. Technical and fundamental factors have taken a back seat as the market is waiting on Ben Bernanke. The Federal Reserve Chairman, rumoured to be stepping down at the end of the year, will address the house of representatives on Wednesday and the US senate on the following day. Given the reaction markets have had towards the Fed's leader comments, you can expect some volatility before and after the statement.
The International Monetary Fund outlined the three biggest risks to global growth last week. China, Abenomics and US Fed QE exit strategy. Yesterday China GDP growth figures were disappointing which will hit global forecasts as more economies depend on the Asian juggernaut recovering its impressive growth rate. Abenomics is hitting a rough patch as there are a lot of question marks around the feasibility of success of the strategies put in place by PM...
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