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Flash: USD hegemony set to be tested by Fed speeches - BNZ

FXstreet.com (Barcelona) - Looking ahead, the leadership of the Greenback looks set to be tested by speeches later on the American session by the Fed’s Bullard (neutral) and Dudley (a dove), notes Mike Jones, currency strategist at BNZ.

"Any further push-back from these two on the idea of an imminent tapering of asset purchases may encourage additional profit-taking on USD longs, as investors brace for Fed Chairman Bernanke’s all important testimony on Wednesday" Mike said.

Mike believes "a test of support around 101.90 on USD/JPY is possible, while the EUR/USD bounce could extend to around 1.2930" Mike added, a level that converges with the one identified by FXstreet.com as key supply.

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AUD/USD finds dip buyers as support at 0.9700 holds firm

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