Market Review - 25/02/2015 23:00GMT
Dollar remains soft on Yellen's dovish comments
Dollar continued to weaken against majority of its peers as Fed's Chair Janet Yellen said on Tuesday, the central bank would not rush into raising interest rates.
The single currency traded with a firm bias in Asia and rose to session high at 1.1388 at European open on dollar's weakness post Tuesday's dovish comments from Yellen. However, euro pared its gains and retreated to 1.1336 in New York morning before staging a recovery to 1.1368.
Versus the Japanese yen, the greenback met renewed selling in Australia and fell to session low at 118.62 in Asian morning. However, dollar pared its losses and gained to 118.88 at European open, then higher to session high at 119.07 in New York morning before stabilizing in New York afternoon.
The British pound also traded with a firm bias in Asia and rose to session high at 1.5439 in European morning before retreating to 1.5467 ahead of New York open. However, renewed buying there lifted the pair and cable rebounded to 1.5503 in New York afternoon.
In other news, Fed's Yellen said 'want to see meaningful improvement in living wills by Jul; Fed engaged in careful review of physical commodities trading, likely to propose new rules this year; Fed is independent do not discuss monetary policy with executive branch; critically important that Fed is accountable to congress; we seek to provide all input congress needs for appropriate insight.'
On the data front, China manufacturing PMI rose to 50.1 from 49.7 previously. France consumer confidence rose to 92 from previous reading of 90.
Data to be released on Thursday:
New Zealand exports, imports, trade balance, Australia capex, Germany consumer sentiment, unemployment rate, France consumer confidence, U.K.GDP, Italy retail sales, business confidence, consumer confidence, EU services sentiment, business climate, consumer confidence, economic sentiment, Canada inflation, U.S. inflation, jobless claims, durable goods and monthly home price.
Dollar remains soft on Yellen's dovish comments
Dollar continued to weaken against majority of its peers as Fed's Chair Janet Yellen said on Tuesday, the central bank would not rush into raising interest rates.
The single currency traded with a firm bias in Asia and rose to session high at 1.1388 at European open on dollar's weakness post Tuesday's dovish comments from Yellen. However, euro pared its gains and retreated to 1.1336 in New York morning before staging a recovery to 1.1368.
Versus the Japanese yen, the greenback met renewed selling in Australia and fell to session low at 118.62 in Asian morning. However, dollar pared its losses and gained to 118.88 at European open, then higher to session high at 119.07 in New York morning before stabilizing in New York afternoon.
The British pound also traded with a firm bias in Asia and rose to session high at 1.5439 in European morning before retreating to 1.5467 ahead of New York open. However, renewed buying there lifted the pair and cable rebounded to 1.5503 in New York afternoon.
In other news, Fed's Yellen said 'want to see meaningful improvement in living wills by Jul; Fed engaged in careful review of physical commodities trading, likely to propose new rules this year; Fed is independent do not discuss monetary policy with executive branch; critically important that Fed is accountable to congress; we seek to provide all input congress needs for appropriate insight.'
On the data front, China manufacturing PMI rose to 50.1 from 49.7 previously. France consumer confidence rose to 92 from previous reading of 90.
Data to be released on Thursday:
New Zealand exports, imports, trade balance, Australia capex, Germany consumer sentiment, unemployment rate, France consumer confidence, U.K.GDP, Italy retail sales, business confidence, consumer confidence, EU services sentiment, business climate, consumer confidence, economic sentiment, Canada inflation, U.S. inflation, jobless claims, durable goods and monthly home price.
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