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EUR/USD grinding lower, US GDP eyed

FXStreet (Edinburgh) - The euro has quickly lost its shine vs. the dollar during the NA session on Thursday, prompting EUR/USD to surrender gains and return to the current 1.1160 area.

EUR/USD weaker after Yellen

The pair’s weekly upside has been rejected in the boundaries of 1.1300 the figure yesterday, after Chairwoman J.Yellen made it clear that the Fed’s lift-off is expected later in the year.

Spot is looking to stabilize in the current 1.1160 region following the Yellen-led drop, all ahead the final revision of the US GDP during the second quarter (3.7% exp.), PCE and the speeches by Fed’s E.George and J.Bullard.

EUR/USD levels to watch

As of writing the pair is retreating 0.53% at 1.1169 with the next support at 1.1105 (low Sep.23) ahead of 1.1089 (low Sep.4) and then 1.1017 (low Aug.19). On the upside, a breakout of 1.1296 (high Sep.24) would aim for 1.1330 (high Sep.21) and then 1.1373 (high Sep.14).

Fed: Yellen signals at 2015 lift-off – TDS

Prashant Newnaha, Rates Strategist at TD Securities, suggests that the Fed chair Janet Yellen has pointed towards 2015 rate hike when she said that “most on the FOMC ’including myself’ expect 2015 lift-off (barring any unforeseen circumstances).”
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GBP/USD off lows ahead of the European session

The GBP/USD pair trimmed losses to trade around 1.5230 ahead of the European session as bears take a breather after a four day winning streak.
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