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EUR/USD: Euro is going up due the expected actions from FR in September
On Monday morning, the pair EUR/USD keeps on ascending trend which started on Friday night at the Forex currency market.
By 9.20 MSK the Euro is at 1.4518 against closing level of 1.4498 on Friday.
Thus, at the conference in Jackson Hole on Friday the chairman of the U.S. Federal Reserve Ben Bernanke announced no new economic stimulus measures during his speech. The only new announcement was that FR meeting in September will last one day longer than it normally takes and that economic prospects and stimulus are going to be discussed there. Bernanke said that extended meeting will enable to have “deeper discussion” of the current problems. Market took it as the reason for speculation as it believes that having more time for analyses the FR will arrive to the idea about necessity of the quantitative easing once again.
The head of the ECB Mr. Trichet is going to give a speech before the European parliament this afternoon which deserves attention.
Most likely the pair EUR/USD will not go beyond the range of 1.4450-1.4550 at the trading session on Monday.