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EUR/USD turns lower ahead of Bernanke
The euro turned lower against the dollar on Wednesday as investors positioned ahead of congressional testimony on monetary policy by Federal Reserve Chairman Ben Bernanke later in the trading day.
EUR/USD hit 1.3052 during late Asian trade, the session low; the pair subsequently consolidated at 1.3137, shedding 0.19%.
The pair was likely to find support at 1.3049, Tuesday’s low and resistance at 1.3205, the high of July 11.
Market participants were looking to Bernanke's testimony amid speculation over the timing of a possible reduction to the bank’s USD85 billion-a-month bond buying program.
The dollar fell sharply last week after Bernanke said the U.S. economy still needed monetary stimulus.
Bernanke was expected to reiterate that the bank could start scaling back its asset purchase program by the end of this year if the economy continues to pick up, but interest rates will remain at record lows for the foreseeable future.
Elsewhere, the euro was slightly higher against the pound and the yen, with EUR/GBP easing up 0.10% to 0.8692 and EUR/JPY edging up 0.05% to 130.48.
The U.S. was to release official data on building permits and housing starts later Wednesday.
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Bernanke and the Beige Book today will clarify the ideas to the market on the "tapering".
EUR/USD slides after Beige Book
The U.S. dollar extended its gains against the euro in late U.S. trading Wednesday after the Federal Reserve’s Beige Book business survey said the world’s largest economy is growing at a "modest to moderate pace."
In U.S. trading Wednesday, EUR/USD declined 0.35% to 1.3119. The pair was likely to find support at 1.3049, Tuesday’s low and resistance at 1.3205, the high of July 11.
The Fed’s Beige Book business survey, which encompasses the central bank’s 12 regional banks, showed manufacturing expanded in most regions since the last report. The report showed modest growth across 11 districts with Dallas showing strong growth.
Earlier Wednesday, Fed Chairman Ben Bernanke said the pace of the central bank’s bond purchases are not a “preset course” In prepared remarks released before his testimony to Congress later in the day, Fed Chair Bernanke said the pace of the central bank’s bond purchases are not a “preset course”.
"I emphasize that, because our asset purchases depend on economic and financial developments, they are by no means on a preset course," Bernanke said.
Bernanke reiterated that the Fed will continue to maintain its accommodative monetary policy for the foreseeable future.
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EUR/USD lower after Bernanke comments
The euro was lower against the dollar on Thursday as markets digested Wednesday’s remarks on monetary policy by Federal Reserve Chairman Ben Bernanke.
EUR/USD hit 1.3091 during late Asian trade, the session low; the pair subsequently consolidated at 1.3101, shedding 0.17%.
The pair was likely to find support at 1.3049, Tuesday’s low and resistance at 1.3173, Tuesday’s high.
In his semi-annual testimony before the Financial Services Committee in Congress Bernanke said the central bank expects to start tapering bond purchases by the end of the year, but added that there was no “preset course.”
Bernanke said the bank’s bond purchase program could be tapered at a faster pace, slower pace or even temporarily increased depending on economic and financial developments.
Bernanke said the economic recovery was continuing at a moderate pace but reiterated that monetary policy will remain accommodative for the foreseeable future.
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EUR/USD back over 1.31 as Portugal’s government defeats non-confidence vote
Portugal’s ruling coalition cobbled together the votes to defeat a no-confidence motion in a parliamentary vote. The euro is higher but it largely coincides with a broader hiccup in the US dollar — something that’s more likely to do with the Hamptons (as in, NY traders heading to the Hamptons) than Portugal. Meanwhile, my air conditioner is starting to struggle, and I don’t see any invitations to the Hamptons in my inbox.
EUR/USD offers at the Asia high of 1.3128 with more buy stops above 1.3130. Stronger offers at 1.3150.
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No major news today. Range mode expected
No major news today. Range mode expected
With Friday profit collecting we can expect some kind of a move towards the US session. But I agree : ranging day till then today
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EUR/USD trims gains but remains supported
The euro trimmed gains against the U.S. dollar in subdued trade on Friday, but remained supported as recent comments by Federal Reserve Chairman Ben Bernanke weighed on demand for the greenback.
EUR/USD pulled away from 1.3151, the pair's highest since July 17, to hit 1.3123 during European afternoon trade, still up 0.10%.
The pair was likely to find support at 1.3052, the low of July 16 and resistance at 1.3026, the high of July 10.
In his second day of testimony on monetary policy before the Financial Services Committee in Congress, Bernanke reiterated that monetary policy will remain highly accommodative, even as the central bank starts to pare back its bond buying.
On Wednesday, Bernanke said the central bank expects to start tapering bond purchases by the end of the year, but added that there was no “preset course.”
He added that the bank’s bond purchase program could be tapered at a faster pace, slower pace or even temporarily increased depending on economic and financial developments.
Earlier in the day, official data showed that producer price inflation in German was flat in June, confounding expectations for a 0.1% downtick, after a 0.3% decline the previous month.
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EUR/USD gains as market sees U.S. monetary policy staying loose
The dollar softened against the euro in quiet trading on Friday as investors speculated that U.S. monetary policy will remain accommodative for the long term even after an eventual Federal Reserve decision to taper its stimulus programs.
Stimulus programs such as the Fed's monthly USD85 billion bond-buying program weaken the dollar to spur recovery, though Fed Chairman Bernanke said earlier this week that the end of stimulus measures, which aren't bound by a timetable, won't herald the arrival to tighter policy.
In U.S. trading on Friday, EUR/USD was up 0.23% at 1.3139, up from a session low of 1.3090 and off from a high of 1.3151.
The pair was likely to find support at 1.3068, Thursday's low, and resistance at 1.3177, Wednesday's high.
Bernanke told U.S. lawmakers in his semi-annual congressional testimony this week that stimulus programs will remain in place for the foreseeable future though they may begin to wind down later this year if the economy improves.
Bernanke stressed that an end to such stimulus programs does mean the Fed will follow suit with tighter monetary policy such as hiking interest rates, which may remain at rock-bottom levels even if the country's monthly unemployment rate approaches 6.5%, a level the U.S. central bank has said it would like to see.
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