EUR/USD – Janet Yellen speaking at Jackson Hole

on Aug 23, 2013
Listen

**iNVEZZ.com, Friday 23 August:**

After reaching a one-week low of 1.3298 yesterday and recovering most of the losses by the early US session, the euro has marginally decreased throughout Tokyo trading today. At the beginning of the European session the EUR/USD is holding around 1.3342 or 0.11 lower from the opening price today.

Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.

eToro
**Start Investing The Social Way! >>**
Forex: Afternoon update: Eurozone’s manufacturing activity performs better in August EUR/USD – Eurozone Flash PMI analysis

FOLLOW our top traders or BET against them.
http://nvz.bz/17VvWbn
German Final GDP for Q2 q/q stayed in line with forecasts for 0.7 percent growth. The year-on-year change in economic output also matched the preliminary number of 0.5 percent progress as expected.
In the US, New Home Sales for July are due out at 15.00 BST, with the median economists’ forecast of 0.49 million slightly poorer than the prior 0.497 million.

After the Existing Home Sales data released earlier this week indicated a 3-year high of 5.39 million, well above the market consensus for 5.15 million, market observers question whether the trend is sustainably compatible with rising mortgage rates in the US. However the latest surge in borrowing costs has actually encouraged demand because of fear of rising rates. The July Consumer Sentiment full report from the University of Michigan showed that in more than 2 years customers have not seen a better time for buying a house with US 10-year yields and mortgage costs climbing. Next week’s final release of the August UoM Consumer Confidence may provide further details.

!fm[](/uploads/story/5033/39.jpg)

The euro will also want to factor in the Preliminary Eurozone’s Economic Confidence for August scheduled at 15.00 BST, which is expected to improve to -16.5 from -17.4.
The annual Jackson Hole symposium in Kansas commenced yesterday, which has previously been a place of US monetary policy innovation with initial discussions on quantitative easing, the Fed’s Operation Twist and other polices having their seeds there. This year Fed chairman Ben Bernanke is not attending, breaking a 25-year tradition. However vice-chair Janet Yellen will hold a panel today. Ms Yellen is widely regarded as a top contender for the leading role in the US central bank, which is set to become vacant at the start of 2014. The speech of the potential successor of Bernanke is seen as one of the most important at the Jackson Hole symposium.

eToro
**Start Investing The Social Way! >>**
Forex: Afternoon update: Eurozone’s manufacturing activity performs better in August EUR/USD – Eurozone Flash PMI analysis

FOLLOW our top traders or BET against them.
http://nvz.bz/17VvWbn

Ad

Want easy-to-follow crypto, forex & stock trading signals? Make trading simple by copying our team of pro-traders. Consistent results. Sign-up today at Invezz Signals.

Learn more
USD Forex