EUR/USD bounces off lows, turns flat

EUR/USD erased losses during the last hours and climbed back toward 1.1210/20, where it closed yesterday.

Earlier a stronger US dollar across the board pushed EUR/USD to the downside. It bottomed in New York at 1.1186 (slightly above Asian session lows) and then turned to the upside as greenback pulled back in the market.

It rose above 1.1200 and also on top of the 20-hour moving average. It was trading at 1.1215, flat for the day.

The decline of the pair took place after comments from both, Janet Yellen and Mario Draghi. ECB’s President said that there are no signs of overheating in the Eurozone and he expects central bank measures to develop their full impact.

Fed Chair Janet Yellen presented testimony to a US House of Representatives Committee. Regarding monetary policy, she said that there is no timetable for raising rates.

Data ahead

On Thursday, in the Eurozone Consumer and Business sentiment data will be released and also German inflation figures. In the US it will be the busiest day of the week with the release of jobless claims, GDP, trade balance and pending home sales numbers. Fed’s Chair Janet Yellen will be       in Kansas at the event “Banking and the Economy: A forum for minority bankers”.