Investors await employment data after Yellen's speech

​In a speech on Friday, Federal Reserve Janet Yellen provided a more detailed view of her economic outlook and signalled that the central bank will likely start raising rates this year. "With continued improvement in economic conditions, an increase in the target range for that rate may well be warranted later this year", Janet Yellen said.​

NZD/USD has been steady over the las 24 hours

NZD/USD has been steady over the last 24 hours and trades at .7385 – there’s been no data from NZ overnight. ​​The RBA minutes showed that board members considered cutting interest rates at their last meeting but opted to wait until they had seen more economic data. The door has been left open to a cut within the next couple of months and data between now and the next few months will be closely scrutinised

No initial reaction to ECB comments

​​The euro was one of the best performing currencies yesterday as EUR/USD rallied from 1.0520 to a high of 1.0615. A combination of weaker than expected US data and a market keen to take some profit on heavily short euro positions ahead of an important economic event on Wednesday contributed to the move.

Markets steady ahead of Fed statement tomorrow

​​GBP/USD traded sub 1.48 for most of the morning session on Monday but as New York came online it pushed higher and up through the big figure, dragged higher by solid bids in EUR/USD. Weaker than expected US data supported the move higher in cable yesterday too with both the Empire State Manufacturing Index and Industrial Production printing below forecasts at 6.9 vs. 8.1 and 0.1% vs. 0.3% respectively.

Economic Indicator News »

Australia New Motor Vehicle Sales higher climbed 2.9 percent

​​​​The Australian Bureau of Statistics reported that New Motor Vehicle Sales...

Actual

2.9%

Forecast

---

Previous

-1.9%

Economic Indicator News »

Switzerland Producer and Import Prices came in at -1.4 percent

​​The Federal Statistical Office reported that Producer and Import Prices in...

Actual

-1.4%

Forecast

0.4%

Previous

-0.6%

UDFOREX is a forex blog that shares trading experiences, analyses and reports from our contributors. Since its launch in March 2012, this web portal has become a clear tool for analysts and investors from over 80 different countries. Our currency experts povide news and commentaries including fundamental and technical analysis. We are constantly adding new authors to our database, if you would like to share your expertise to the world, do not hesitate it and contact us.

Fundamental

Near-Term Dollar Conviction Went MIA

The US dollar fell against most of the major and emerging market currencies in the past week. The price action has been choppy, and many participants lack near-term conviction. Month, quarter, and for...