Intra-Day Market Moving News and Views EUR/USD
EUR/USD - .... The fact that euro rose in NY session on Thur despite the release of a slew of upbeat U.S. eco. data shows market is pretty short in the single currency n euro bears are looking to book profit on dips ahead of the main event of the day - the annual economic symposium of the Federal Reserve Bank of Kansas City held in Jackson Hole, Wyoming.
The world's 2 most important central bankers are scheduled to speak later today with Fed Chair Janet Yellen delivering her speech (without Q&A) at 14:00GMT, ECB President Mario Draghi will speak later at 18:30GMT. All in all, 33 central bankers & 9 ECB Governing Council members will attend this event which continues into Sat.
Until then, order flows plus unwinding of position will probably influence intra-day price swings. Offers are reported at 1.3285/95 with some stops building abv 1.3400. On the downside, initial bids are noted at 1.3260-50 and more below with stops below 1.3240, however, more bids are touted at 1.3230-20.
Earlier, news from Reuters in late Thur's NY session worth noting, Philadelphia Fed President Charles Plosser told network CNBC in an interview from a central bank symposium in Jackson hole, Wyoming, that he warned against waiting too long to hike rates.
He said 'concerned that monetary policy not reacting to change in data; Fed is running a risky policy by not moving off zero bound; favors raising rates sooner and more gradually; not wise to make wages the centerpiece of monetary policy; does not think there is a significant under utilization of labor market resources.'
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