25 Feb 2015
USD weakens in early Asia, key levels in play
FXStreet (Bali) - The US Dollar is weakening against its main G10 FX peers along Asian hours, following a disappointing Fed's Yellen testimony, in which, while leaving door open for a rate 'lift-off' mid this year, she continued to be non-committal.
AUD/USD has seen the strongest demand in early Asia, testing 0.7845/50, an very sticky resistance area where buyers have failed several times this month. NZD/USD is also higher, having regained the 0.75 handle. USD/JPY meanwhile, is breaking important intraday support, which acted to abate offers post Yellen, at 118.75. EUR/USD remains in range below 1.1350, while GBP/USD is en-route to have another go to potentially break 1.5475/80 resistance.
Jim Langlands, Founder at FXCharts, notes: "Janet Yellen’s testimony to Congress painted a slightly dovish picture, citing the need for flexibility, with the Fed unlikely to be in any hurry to raise rates, at least for the next couple of meetings or until they see further improvements in unemployment, inflation and the global growth outlook. The markets have been choppy, sending the US$ a bit lower and equities higher."
AUD/USD has seen the strongest demand in early Asia, testing 0.7845/50, an very sticky resistance area where buyers have failed several times this month. NZD/USD is also higher, having regained the 0.75 handle. USD/JPY meanwhile, is breaking important intraday support, which acted to abate offers post Yellen, at 118.75. EUR/USD remains in range below 1.1350, while GBP/USD is en-route to have another go to potentially break 1.5475/80 resistance.
Jim Langlands, Founder at FXCharts, notes: "Janet Yellen’s testimony to Congress painted a slightly dovish picture, citing the need for flexibility, with the Fed unlikely to be in any hurry to raise rates, at least for the next couple of meetings or until they see further improvements in unemployment, inflation and the global growth outlook. The markets have been choppy, sending the US$ a bit lower and equities higher."