EUR/USD up 0.62% after Yellen comments.

EUR/USD sharply rose at the end of the European session driven by Janet Yellen’s comments concerning interest rate hikes this year. As of 1:00 PM EDT the currency pair was trading at 1.1265, which is 0.62% higher than the previous close.

European markets closed slightly higher today after being closed on holiday for two days. Below is presented the performance of major indices:

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  • FTSE 100 closed at 6,105.90, almost unchanged.
  • CAC 40 rose 0.85% finishing at 4,366.67.
  • Euro Stoxx 50 was trading at 3,004.87 as of 5:50 GMT, which is 0.61% higher than the previous close.

Federal Reserve Chair Janet Yellen announced today that the global risks are not going to have a significant impact on the US economy. However she also mentioned that the Fed have to proceed “cautiously” in future interest rate hiking.

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“Developments abroad imply that meeting our objectives for employment and inflation will likely require a somewhat lower path for the federal funds rate than was anticipated in December. Given the risks to the outlook, I consider it appropriate for the Committee to proceed cautiously in adjusting policy. The overall fallout for the U.S. economy from global market developments since the start of the year will most likely be limited. Developments have not materially altered the Committee’s baseline – or most likely – outlook for economic activity and inflation” said Yellen.

Oil prices fell even lower after Fed announcement. As of 12:45 PM EDT the WTI Crude was trading at 38.53 USD/bbl down 2.18% and Brent Crude at 39.40 USD/bbl, which is 2.16% lower than the previous close.

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I’m a finance specialist with 4+ years of working experience, out of which 2 years as a SME relationship manager at Byblos Bank and 2 years as a Finance Director in a Food & Beverage sector. My academic background include BA in economics, MA in finance, CFA Level 1 and F1, F2, F3 level of ACCA. I’m also experienced in Forex/CFD trading and Forex/ Equity markets analysis.

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