We’ll Have to Wait for Yellen’s Speech

Unsurprisingly the EUR/USD consolidation still continues. The market is exceedingly calm, but that is like the calm before the storm. You can be quite certain that after FED’s Janet Yellen speech later tonight the market will become far more volatile. I do not know about you, but I, personally, will sit quietly and wait for Yellen’s speech. I think it is unwise to trade right before such an event – not only because the market is so exceedingly calm but also because we do not know the effect Yellen’s speech will have on it. In these cases the most prudent strategy is to sit and wait.