Roiled markets await more Fed and Draghi – FXStreet

By FXStreet Valeria Bednarik, chief analyst at FXStreet explained that the American dollar edged lower on Friday, but close the week generally lower across the board.

Key Quotes:

“Turmoil in the financial world is being cause by rising fears of an economic slowdown among major economies, which in the US, mean diminished expectations of further interest rate hikes by the Federal Reserve. In its testimony before the Congress, Janet Yellen reaffirmed its intention to keep rising rates, should the economy bounce back. Her comments were not enough, however, to convince investors, and stocks plummeted to over 1-year lows, with the Dow accumulating over 1,400 points of decline ever since the year started.

During the upcoming days, the US will release the Minutes of the latest FOMC meeting, alongside with inflation and manufacturing figures, which if negative, will likely keep the greenback under pressure. Also, ECB’s Mario Draghi will testify before an EU Parliament committee, generally expected to present a dovish stance, given latest EUR’s strength.”
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Source:: FX Street