Boy, this was a stinker…We did have a 50 pip range in EUR/USD but it didn’t feel like it. Directionally-challenged is how I’d describe today’s action.
Technically, EUR/USD is consolidating just below crucial resistance in the 1.4270/80 area.
Tonight we get comments from Bernanke at a conference this evening (23:15 GMT) but his subject is clearing houses and stability. Not a real market mover unless he spices things up with some observations on the economy, which he will if he wants to send a message. IF he sticks to the script, we can assume the Fed is on cruise control at least through the end of QE2 in June.
