May 7th Week – Pianalto Says Economy Needs To Grow Faster

Bullish Expectations for Forex Trading

Market expectation is very positive for USD and outlook is bullish this week.  Uptrend will be supported by uncertainty about European governments, elections in France and Greece, which as a result should be negative to pairs like EUR/USD, EUR/JPY and positive for USD/JPY.

News with potential effect on currency movement this week  include comments from Federal Reserve Bank of Cleveland President  Sandra Pianalto  (voting member this year on the central bank’s policy-setting committee), U.S. wholesales business, trade balance, jobless claims.

Pianalto  said the economy needs to grow at a faster rate in order to speed up the pace of employment growth and repair damage from the 2007-2009 recession.

“If our economy were a Kentucky thoroughbred, I’d say we have moved from a walk to a trot, but we’re far from a gallop,” Pianalto, who did not specifically mention monetary policy, said at a bankers’ event in Lexington, Kentucky.

READING

Inside the Fed: Monetary Policy and Its Management, Martin through Greenspan to Bernanke

Federal Reserve Bank of Cleveland

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