Kathy Lien is Director of Currency Research at GFT, and runs KathyLien.com.
Kathy has a Bachelors degree in Finance from New York University. Kathy has written for Stocks and Commodities, CBS Market Watch, ActiveTrader, Futures and SFO Magazine. She is frequently quoted on Bloomberg and Reuters and has taught seminars across the country. She has also hosted trader chats on EliteTrader, eSignal, and FXStreet, sharing her expertise in both technical and fundamental analysis.
Trading was extremely quiet today as the US markets remained closed for Presidents' Day. Although we ended last week with a dose of positive US data, the greenback was either unchanged or weakened slightly against every major currency pair except for the Japanese yen.
Conflicting dollar based data kept the markets quiet following a week in anticipation of Bernanke’s first words. As a result, traders mostly remained on the sidelines as reports were mixed in the world’s largest economy.
The Bernanke effect wore off in the morning hours as the new chairman ended up rounds of questions by politicians on the current state and future of the economy. Once again nothing new was released other than the incumbent’s efforts to continue the previous chairman’s policy.
It has been quite an exciting day in the markets today as the US dollar first sold off against the majors on the back of a larger than expected trade deficit to then completely reverse the move an hour later.
The Euro is getting a boost from new developments on Russia's Paris Club debt repayment and the release of the European Central Bank's monthly bulletin.
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