Forex - EUR/USD, USD/JPY Flows: Yellen says rates will go up ... but we know that


 15:25 (GMT) 14 Feb

  [Forex Flows]

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EUR/USD, USD/JPY Flows: Yellen says rates will go up ... but we know that (0100-LLGY-C01)

The market got very excited when Fed Chair Yellen said that we are likely to see a hike over the next few FOMC meetings, but we knew that already (didn't we) and in this writer's view we are no further forward on timing than we were. She does say that upcoming inflation and employment data will be closely watched and that rather neatly leads us into tomorrow's CPI numbers where but a strong bounce would mean the risk of core PCE prices reaching 2.0% earlier than expected. In the meantime if we don't see EUR/USD close below 1.0590 (and preferably below 1.0555) we will reserve judgement on the prospects of further near-term USD gains. PB


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