Key Meetings Ahead Stall EURUSD Break, USD Finds a Little Fed Support
• In a dwindling range, EURUSD forced a break this past session; but key risk ahead stalled progress
• A usually-quiet Fed voice has added a hawkish lean on rate forecasts
• Pound pairs have been driven by rate expectations, but a light docket may offer interim opportunity
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The Greek fuse continues to burn, but that didn't prevent EURUSD from breaking from its narrow range this past session. A market-wide slump for the Euro marked a serious divergence from European equities which recovered lost ground on headlines that could be selected as evidence of progress on the tense debt standoff. The broad fundamental chasm remains open and there are key meetings with officials on both sides set for the upcoming session. Caution and skepticism are still warranted. Meanwhile, the Dollar was given a modest boost by a Fed officials support for rate hikes in 2015 while Pound speculators eased off the throttle on the UK's own rapid rate forecast rebound. There is plenty of open fundamental ground for these the Greenback and Sterling to cover, but fewer catalysts to benchmark that time frame around. Opportunities don't need to be developed around a catalyst. Sometimes we find the best setups when they aren't interrupted by upcoming event risk. We take stock of the currencies with heavy event risk ahead and those that are free to move in today's Trading Video.
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