Market Waits For Bernanke To Turn On The Light

Investor's primary objective is to get through tomorrow-in one piece. Another Fed policy will have come and gone, with 'helicopter' Ben again having the opportunity to leave a different legacy 'footprint' in his press conference tomorrow. The small percentages of remaining 'weak' short EUR positions are being tested this morning. Despite many speculators having already decided to wade to the asset class sidelines, few remain in the single currency stop loss crosshairs. So far this morning, the talk of stronger data has been accompanying the 17-member single currency's rise, perhaps a speculators ruse to trigger some stop losses? The remaining pre-FOMC unwinding would most likely be the paring of longs EUR's – a far cry from the recent record long dollar position.

The major currency pair's price action has tried to remain mostly range bound ahead of tomorrow's FOMC announcement. Despite some of the to-fro action around European fundamental releases earlier morning, this...