This week is unfolding to be an interesting week as the US Open Tournament started its roofless round with powerhouse sisters Venus and Serena Williams taking their rackets to the courts this week and the next. Tennis fans from all over have their eyes on the Williams sisters with Venus struggling with an ailment called Sjogren’s Syndrome and Serena promising to be as controversial as ever with her often less than pleasant court demeanor.
Both sisters, now on their 30s, are up against American players during the roofless round. During the next round, Venus is up against a German tennis player who has beaten her on her favorite surface, the grass. This was during the recently concluded London Olympics.
With similar anticipation as the US Open and the Williams, forex news about Ben Bernanke’s appearance at the rostrum at the central bankers’ gathering in Jackson Hole, Wyoming is keeping economists and market analysts on their toes.
The USD is not moving much in the forex market with nothing more than slight fluctuations putting the currency on a plateau against most currency pairs – but, a lot of scalpers had a heyday with the highs and lows on intraday. The EUR had a slight gain over the USD albeit perceived to be short-lived with the countries in the region experiencing economic problems of their own.
The expectation is still strong towards flight to safe haven currencies, shifting trading activity to less traded yet more stable currency pairs. With the global interest about the on- and off-the-court performance of the Williams, forex news about Bernanke’s speech is definitely buzzing with the same intensity.
Bernanke is speculated to make a statement about another round of bond buying to pump more capital into the economy. This move, however, is expected to push the USD down further as against other world currencies. Spinning off from sports news about Williams, forex news turns attention to Bernanke and any stronger hints of the Feds’ decision on the third round of the government’s Quantitative Easing solutions.
Speculations likewise remain in the European region with the European Central Bank (ECB) still mum on what actions will be taken to ease their sovereign debt and spur economic growth at a much faster pace. The ECB’s president, Mario Draghi, is said to be skipping the Jackson Hole summit.
In as much as it seems that the tennis world will continue to see court performances by the Williams, forex news seems to indicate a continued waiting game in the US and the European markets. The public continues to look toward the financial regulators and fiscal policy makers in the United States and in Europe to give some concrete plans through which they can bring their economies out of the turmoil they have been experiencing over the past half a decade.
It does not look like the end to this uneventful market showing is near for these two most popular currencies. Still, the currency price fluctuations throughout the day and on a day-to-day basis leave room for short-term forex traders to make some gains. The more cautious forex traders will naturally gravitate towards safer currencies with modest growth potential.