EUR/USD is calm on Thursday, as the pair trades in the mid-1.13 line in the European session. On the release front, German Consumer Climate improved to 9.7 points. In the US, we’ll get a look at CPI and Unemployment Claims.
There was good news out of Germany on Thursday, as, Consumer Climate rose to 9.7 points in February, edging above the estimate of 9.6 points. Meanwhile, Greece’s list of economic reforms was accepted by the country’s creditors on Tuesday, paving the way for an extension of the bailout for another four months. The Greek government has promised to continue with privatization plans and to meet budget targets. Still, the extension is a stop-gap measure and with sharp differences remaining between Greece and its creditors, the bailout crisis is far from over.
Janet Yellen testified before Congressional committees on Tuesday and Wednesday, saying that the Fed was “unlikely” to raise interest rates in the next few months, given current economic conditions. Her remarks seemed aimed at quelling rising speculation about a rate hike sometime in mid-2015, which has helped boost the US dollar’s performance against its major rivals. Yellen noted that the continuing economic growth should lead to unemployment continuing to fall. Recent US data has been mixed, but employment numbers have generally been solid.
EUR/USD 1.1357 H: 1.1380 L: 1.1344
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