Forex: Fed's Yellen and Eurozone GDP Put EURUSD in the Hot Seat
• The BoE Report supported rate hawks and prepared Yellen comments doused Taper speculation
• European 3Q GDP figures and Fed Vice Chair Yellen testimony are key event risk Thursday
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Event risk is picking up, and it is the kind of fundamental fodder that can generate lasting trends for pairs like EURUSD and GBPUSD. This past session, an expected BoE Quarterly report fed buoyant rate expectations - though how much of the move was priced in remains to be seen. Unexpected was the pre-release of Fed Vice Chair Janet Yellen's prepared remarks for the Senate confirmation hearing she faces Thursday. Dovish remarks curbed a latent bid on the dollar founded in near-term Taper speculation. Ahead, we will revisit the FOMC forecasts with Yellen's testimony and amplify another building fundamental theme in Euro-area policy shifts through the region's 3Q GDP data. We discuss this event risk, the themes it taps into and the trade opportunities it presents in today's Trading Video.
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