Article / 25 August 2016 at 23:41 GMT

US Market Wrap: Let the Yellen begin

FX Trade Strategist /


  • Japan CPI    2330 GMT

US Data released:

  • Jobless Claims (Actual 261,000 vs. forecast 265,000) 
  • Durable Goods Orders-July (Actual 4.4% vs. forecast 265,000) 
  • Markit Services PMI-Prelim (Actual 50.9 vs. Forecast 52.0 

The US dollar squeezed out small gains against all G10 currencies in a subdued New York session. Traders shrugged off better-than-expected Jobless Claims data and a strong Durable Goods Report and counted down the hours to Janet Yellen’s speech.

Two Federal Reserve speakers, Dallas Fed President Robert Kaplan and Kansas City Fed President Esther George were talking rate increases this year but the only opinion traders want to hear is Janet Yellen’s.

Oil prices rose on news that US Navy and Iran patrol boats were playing a game of chicken in the northern Gulf. The US fired three warning shots when Iranian patrol boats came within 200 yards. WTI rose from $46.40 to $47.43/barrel where it ended the day.

Kansas City Fed chief Esther George has been talking about gradual
rate hikes, but Janet Yellen is the real focus today. Photo: Flickr


Is Donald Trump seeking support from Brexit champion Nigel Farage?  Check out Saxo Bank Managing Editor, Martin O'Rourke's article: Trump hitching ride on the Farage chariot

Michael O'Neill is  an FX consultant at IFXA Ltd. Follow Mike or post your comment below to
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