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Sep 17, 2014
EUR/USD: Topside failure at 1.30, FOMC eyed
FXStreet (Bali) - EUR/USD is consolidating around 1.2950 after a topside failure to re-take the 1.30 round number following the boost the Euro recieved on news that China would inject 500 billion yuan into their top 5 banks.
As Jim Langlands, Founder at FXCharts, explains: "USD was then further undermined after the WSJ reported that the Fed’s ‘considerable time’ phrase, which has been the focus all week, is likely to remain in the language of the statement when Yellen advises the market as to when interest rates might be expected to rise."
Jim adds: "We now wait on the Fed, and until then little is likely to happen, although the EU and US CPI will both be closely watched."
As Jim Langlands, Founder at FXCharts, explains: "USD was then further undermined after the WSJ reported that the Fed’s ‘considerable time’ phrase, which has been the focus all week, is likely to remain in the language of the statement when Yellen advises the market as to when interest rates might be expected to rise."
Jim adds: "We now wait on the Fed, and until then little is likely to happen, although the EU and US CPI will both be closely watched."