Risk on ahead of Janet Yellen’s testimony today
City Index May 7, 2014 2:34 PM
<p>Risk on was the theme of the day yesterday. GBP led the way with a decent PMI reading, which sent the currency up to the […]</p>
Risk on was the theme of the day yesterday. GBP led the way with a decent PMI reading, which sent the currency up to the 1.7000 level. The euro was lifted by Spanish PMI data, which came in at a seven-year high. This was followed by a surprisingly higher figure for EZ retail sales.
So far this morning the eurozone has had some poor data in the form of Germany factory orders and French industrial production. This has kept it pretty near to where it closed last night.
The market mover today will be Fed Chair Janet Yellen, who is set to testify before the Joint Economic Committee of Congress in Washington. Most are expecting this to be slightly more dovish, but with a strong payroll data last Friday maybe a hint of optimism could be found.
Supports 1.3910 1.3885 1.3845 | Resistance 1.3965 1.4000 1.4030
Supports 101.30 101.05 100.75 | Resistance 101.80 102.20 102.55
Supports 1.6940 1.6915 1.6880 | Resistance 1.7000 1.7040 1.7120
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