Participant

Eur/Usd has been range bound for the past 2 weeks as it seems it may have been waiting for news on a Greek bail out, together with the downtrend running out of steam and needing a range to consolidate.
Well Greece seems to have secured its bailout, having conceded in the end to ECB and FMI demands, but I don’t see a lot of enthusiasm in the market as the exchange rate stays pretty much flat, so no counter force there to send the Euro higher. Yellen may give some indication as to how soon rate hikes may start coming into play later today when she addresses the house banking committee. If sooner than expected or simply re-affirmative talk of higher rates, either will send the Euro back on its downward trend in my opinion.

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