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The USD Bulls may have been anticipating today, as a catalyst to buy USD.
However, the fundamentals gave them no reason to do so. First up was Unemployment Claims, which came in at a slight miss (276 vs 270) & then Yellen's welcome speech
There may have been some anticipation that Yellen would provide further confirmation that there would be a December rate hike, or acknowledge that the data has been coming in well. The lack of such may have been the catalyst for a spike down in the US Dollar as immediately following her speech the EURUSD went to attack resistance levels and broke to new highs.
Perhaps it may have been unreasonable for the markets to look to this event for a signal from the FED. After all the purpose of the speech was merely a welcoming speech for a debate of economists.
Either way, eyes shift to the labor and inflation related data scheduled for tomorrow. Once again, the bulls will be ready.
However, the fundamentals gave them no reason to do so. First up was Unemployment Claims, which came in at a slight miss (276 vs 270) & then Yellen's welcome speech
There may have been some anticipation that Yellen would provide further confirmation that there would be a December rate hike, or acknowledge that the data has been coming in well. The lack of such may have been the catalyst for a spike down in the US Dollar as immediately following her speech the EURUSD went to attack resistance levels and broke to new highs.
Perhaps it may have been unreasonable for the markets to look to this event for a signal from the FED. After all the purpose of the speech was merely a welcoming speech for a debate of economists.
Either way, eyes shift to the labor and inflation related data scheduled for tomorrow. Once again, the bulls will be ready.
