House Ways and Means Committee Charmian Levin says China currency legislation needs to be kept “on the burner”. China’s actions in the next few weeks will determine whether the house acts on the bill. The commerce Department should decide in the next few weeks whether to investigate if China’s currency policy is a trade subsidy.
The news, along with late session short-covering from Europe, is giving EUR/USD a fresh lift. Stops above 1.2350 were tripped and we’ve traded as high as 1.2386 on EBS.
Resistance lies between 1.2400 and 1.2415.
