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Euro little change in a quiet Monday session

Monday, Aug 22 2016

There were no data releases from Eurozone today, with markets being more focused on global developments. An upbeat assessment of the U.S. economy's strength from Fed Vice Chairman Stanley Fischer on Sunday was seen raising the prospect of Fed chair Janet Yellen flagging up a rate rise at a meeting with the world's central bankers on Friday.

Over the weekend Fed Vice Chair Stanley Fischer, considered to be the second most influential member on the board and himself the former head of the Bank of Israel, stated that the Fed is "close to its targets" with respect to growth, inflation and employment which suggests that the FOMC will entertain a rate hike before the end of the year. Mr. Fischer is only the latest Fed official to assume a decidedly more hawkish posture in recent weeks, indicating that the Fed may be eager to begin to normalization process sooner rather than later.

 

Euro is currently being traded around 1.1320 level. Pair is likely to find support around 1.1280 area and resistance above 1.1350 level.

More in this category: « Sterling higher despite no major data releases CB Leading Index for Australia increased by 0.1% »

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