Fed Evans Backed Yellen’s Case for a Gradual Rate Rise - ANZ
Research Team at ANZ, suggests that the post-Yellen USD sell off continued overnight following comments from Chicago Fed President Evans which backed Yellen’s case for a gradual approach to rises in the funds rate this year.
“Evans also confirmed that global growth and risks are an important consideration for policy. The prospect of a more gradual US monetary policy tightening cycle gave European equities a solid bump higher (1.3-1.8%) and early improvement in oil prices - which proved short-lived - boosted energy stocks.
European sovereign bond yields gradually rose through the session too. However, the initial gains in UST yields were trimmed late in the session as the USD rebounded and oil prices came under pressure with US crude storage at a record high and 36% above the five-year average.”
(Market News Provided by FXstreet)