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Fed Preview: No QE exit before the end of 2013 - Luciano Jannelli

FXstreet.com (Barcelona) - No change in the Fed's monetary policy is expected in March, as the situation in the US still remains uncertain: the recent NFP gains, although decent, do not reflect a steady improvement on the US labor market and the full impact of the sequester on the economy has not become apparent yet.

Therefore, Luciano Jannelli, Ph.D., Chief Economist at MIG Bank, does not expect the Fed to abandon its asset purchase program before the end of 2013, as the Fed will continue looking out for signs of stable recovery on the labor market and “would like to have some more clarity about the impact of the sequester on the US business cycle.”

He adds however that “the very fact that there is talk about QE exit, while other major central banks are poised to add stimulus, is bullish for the US dollar.”

Forex Flash: EUR/USD downside target at 1.2679/61 – Comerzbank

The EUR/USD fell through the 200 day moving average at 1.2876 to 1.2844 yesterday, but it is still to reach the Commerzbank downside target of 1.2679/61 (61.8% Fibonacci retracement of the July-to-January rise and the November 2012 low). “Longer term we target the 78.6% Fibonacci retracement at 1.2400 and then 1.2042, the 2012 low”, wrote analyst Karen Jones.
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Forex: GBP/USD tumbles ahead of BoE minutes, closer to 1.5000

The GBP/USD is falling down ahead of the BoE March meeting minutes after having reached as high as 1.5111. The pair couldn’t hold above the opening line and is tumbling, currently at 1.5036 low. Investors want to know BoE’s King position on QE and what might come in the future knowing that UK data has been weak lately.
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