Janet Yellen testimony and German CPI data to be key highlights in the FX markets today
City Index February 27, 2014 2:10 PM
<p>The rain is back in the UK as the dollar trades with a safe haven bias and global good news is seemingly at an absolute […]</p>
The rain is back in the UK as the dollar trades with a safe haven bias and global good news is seemingly at an absolute premium. The CNY and CNY are both trading lower than the PBOC benchmark rebalancing level as market threats over a slowdown in the region as regional banks still look to drain liquidity. Concerns in Ukraine are building as Russia confirms that they have put fighter jets on alert on the Ukrainian border. There are reports that armed Ukrainians are seizing government buildings in Crimea flying the Russian flag. US Secretary of State John Kerry has warned Russia on any intervention.
In other news the Australian capital expenditure data disappointed, printing -5.2% versus the consensus forecast of -1.3% as across the Tasman, New Zealand released its trade data, showing further increases in exports to China.
German CPI data will be the focus this morning ahead of Fed Chairwomen Janet Yellen’s testimony to the senate where most expect her to remain optimistic and stick to the statement she made before the House senate two weeks ago. Any change in relation to her assessment of the slowing data and the weather distortion will be seen as major shift in stance.
Supports 1.3620-1.3580-1.3500 | Resistance 1.3710-1.3750-1.3780
Supports 102.15-101.75-101.45 | Resistance 102.80-103.00-103.50
Supports 1.6540-1.6500-1.6470 | Resistance 1.6700-1.6745-1.6800
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.