Forex: EUR/USD hovers at 1.3100 ahead of Fed's Bernanke on QE

Investors are now focused on what is Fed's Bernanke going to say in his semi-annual testimony to the Senate Banking Committee, where answers about QE should be given. The EUR/USD continues to surround the 1.3100 mark ahead of this big event.

However, volatility might not be over yet. Italy's Democratic Party leader Bersani is going to speak at 16:00 GMT and investors want to know his party's position on the current political stalemate.

Mataf.net analysts point to resistances at 1.3195. On the downside, supports might be found at 1.3035, 1.2995 and 1.2965.

Feb 26, 2013

Forex Flash: USD/CAD may drop on Fed Bernanke's testimony – TD Securities

More than headlines coming from Italy, the main pressure for the CAD is soft domestic fundamentals that have considerably disappointed recently. “Yesterday’s acknowledgement by Governor Carney only added to sentiment extending USD/CAD gains to fresh 2013 highs”, wrote analyst Shaun Osborne and Greg Moore, pointing to Bernanke’s testimony today has potentially CAD positive as Fed's Chairman is expected to downplay the notion of the impending end of QE. “However, Friday’s Canadian GDP report should reinstill the negative CAD theme”, they added.

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Feb 26, 2013

American equity markets open positively ahead of Fed

The US Stock market experienced a tepidly positive opening Tuesday, one day removed from the beat down received after Italian elections failed to provide a clear-cut winner, sparking widespread risk. In the United States, the Housing Price Index (MoM) came in at +0.6% in the month of December, consistent with expectations calling for the same growth. In addition, the Redbook Index (MoM) (February 17) grew +1.4%, compared with +1.5% previously. Finally, the S&P/Case-Shiller Home Price Indices (YoY) has climbed +6.8% in December, beating estimates of only +6.6%. Investors are cautiously watching the Fed testimony at 15:00 GMT.

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